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Home My WebLink AboutR-86-0436J-86- 494 RESOLUTION NO. SG--436: A RESOLUTION APPROVING THE FORM OF THE PRELIMINARY OFFICIAL STATEMENT PERTAINING TO $22,000,000 OF THE CITY OF MIAMI, FLORIDA GENERAL OBLIGATION BONDS AND AUTHORIZING THE DISTRIBUTION OF THE PRELIMINARY OFFICIAL STATEMENT TO PROSPECTIVE PURCHASERS OF SUCH BONDS AND FURTHER AUTHORIZING THE MAYOR TO EXECUTE THE FINAL OFFICIAL STATEMENT PERTAINING TO SUCH BONDS. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The form of the Preliminary Official Statement dated June _, 1986, prepared in connection with the issuance of the City of Miami, Florida (the "City") General Obligation Bonds dated June 1, 1986, being issued in the aggregate principal amount of Twenty -Two Million Dollars ($22,000,000) (the "Bonds"), as such Preliminary Official Statement was presented to the Commission of the City for its consideration on the date of the adoption of this resolution, is hereby approved, with such minor changes, insertions and amendments thereto as shall be acceptable to the City's Director of Finance, and distribution of such Pre- liminary Official Statement by the City's Director of Finance to prospective purchasers of the Bonds is hereby authorized. Section 2. The Mayor of the City (the "Mayor") is hereby authorized and directed to sign, on behalf of the Commission of the City, the final Official Statement pertaining to the Bonds, which shall be substantially in the form of the Preliminary Offi- cial Statement approved by the Commission of the City under this resolution, with such minor changes, insertions and amendments thereto as shall be approved by the Mayor, such approval to be evidenced by the Mayor's execution of the final Official State- ment. Section 3. The City's Director of Finance shall cause the final,Official Statement to be prepared for signing by the Mayor and copies thereof to be delivered to the purchasers of the Bonds. MEETING OF JUN is ON .... ©V-[ Section 4. The City's Director of Finance and other proper officers and consultants of the City are hereby authorized and directed to take such action as is deemed appropriate to effect the offering and sale of the Bonds at public sale pursuant to this resolution. Section 5. This resolution shall be in force and effect immediately upon its adoption. PASSED AND ADOPTED this 12th day of June, 1986. ATTEST: ,MATTY HIRAI, City Clerk • Deputy City Attorney APPROVEVA TO FORM AND CORRECTNESS: LUC A A. DOTMHERTY, City Attorney 17 - 2 - AVIER L. SUARSZ, Mayor 86-436, Section 4. The City's Director of Finance and other proper officers and consultants of the City are hereby authorized and directed to take such action as is deemed appropriate to effect the offering and sale of the Bonds at public sale pursuant to this resolution. Section 5. This resolution shall be in force and effect immediately upon its adoption. PASSED AND ADOPTED this 12th day of June, 1986. ATTEST: ,MATTY HIRAI, City Clerk lee - Ro i 4 10, e4e 0 Deputy City Attorney APPROVED A A. TO FORM AND CORRECTNESS: , city Attorney - 2 - AVIER L. SUAktZ, Mayor 86-436'. STATE OF FLORIDA COUNTY OF DADE SS: CITY OF MIAMI I, MATTY HIRAI, City Clerk of The city of Miami, Florida, and keeper of the records thereof, do hereby certify that the attached and foregoing pages numbered 1 through 2, inclusive, contain a true and correct copy o4 a resolution adopted by the Commission of said City at a meeting held on the 12th day of June, 1986. SAID IN WITNESS WHEREOF, I hereunto set my hand and impress the Official Seal of the city of Miami, Florida this day of 1986. (official Seal) Matty Hirai City Clerk Miami, Florida By: Deputy City Clerk - 3 - 86-436' r CITY OF MIAMI, FLORIDA �l� INTER -OFFICE MEMORANDUM TO: The Honorable Mayor and DATE: May 28, 1986 FILM Members of the City Commission susJECT: Agenda Item Meeting of June 12, 1986 FROM: REFERENCES: Cesar H. Odio City Manager ENCLOSURES: It is recommended that the attached resolution approving the form of the preliminary official statement pertaining to $22, 000,000 of the City of Miami General Obligation Bonds, Authorizing Distribu- tion of the Preliminary Official Statement to Prospective Purchasers of such bonds and further authorizing the Mayor to execute the final official statement pertaining to such bonds, be adopted. General Obligation bonds are a major financing source for capital projects constructed by the City. In order to obtain such funds the City accesses the bond market once a year with a general obligation bond sale. This systematic approach is favorably seen by the bond market and the New York bond rating agencies. The Finance Department has assessed cash requirements of the capital projects funded by bond authorizations already approved by the voters, taking into account the cash on hand and disbursements projected through June, 1987. As a result the 1986 bond sale is proposed as follows: $12,000,000 Police Headquarters and Crime Prevention Facili- ties Bonds. $ 5,000,000 Storm Sewer Improvements $ 3,000,000 Sanitary Sewer Improvements $ 2,000,000 Street and Highway Improvements $22,000,000 These bond proceeds will finance the construction of the Model City and Little Havana Police Substations as well as other miscellaneous Police projects. The City will be able to continue its sewer and highway construction programs as already approved by the City Commission through its Capital Projects Appropriations. 86-436' Honorable Mayor and Members May 28, 1986 of the City Commission Page - 2 - This resolution approves the attached preliminary official statement which will be mailed to several hundred underwriting firms inviting them to submit bids to be received by the City Commission during its June 26, 1986 meeting. The sale will be awarded to the lowest bidder. In addition it authorizes the Mayor to execute the final official statement pertaining to the bonds and authorizes City officers to take such action as is deemed appropriate to effect the offering and sale of the bonds at public sale. cc: Law Department 8(;--436 TK:01 COVER PRELIMINARY OFFICIAL STATEMENT DATED , 1986 In the opinion of Bond Counsel, under existing statutes, regulations, rulings and court decisions, interest on the Bonds is exempt from all present Federal income taxation and the Bonds and interest thereon are exempt from taxation under the laws of State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations, banks and saving associations. For information concerning pending legislation, see "Tax Exemption" herein. NEW ISSUE Credit Ratings: Moody's: Standard & Poor's: $22,0009000 The City of Miami, Florida General Obligation Bonds $12,000,000 Police Headquarters and Crime Prevention Facilities Bonds $5,000,000 Storm Sewer Improvement Bonds $3,000,000 Sanitary Sewer System Bonds $2,000,000 Street and Highway Improvement Bonds Dated: June 1, 1986 Due: June 1, as shown below Interest on the Bonds is payable semi-annually on June 1 and December I in each year, commencing December 1, 1986. The Bonds are issuable as fully registered bonds in the denomination of $5,000 or whole multiples thereof. Interest on the Bonds will be payable to the registered owners shown on the registration books of the City on the fifteenth day of the month preceding an interest payment date, by check or draft mailed to such registered owners by the Bond Registrar and Paying Agent. The principal of, and premium, if any, on the Bonds are payable upon presentation and surrender of the Bonds, at the option of the registered owner, at Chemical Bank, in the Borough of Manhattan in the City and State of New York, as Bond Registrar and Paying Agent or at Pan American Bank, N.A., or its successor, in the City of Miami, Florida as Paying Agent. The Bonds maturing on or after June 1, 1997 are subject to redemption at the option of the • Commission of the City, on or after June 1, 1996 in whole on any date, or in part in the inverse order of • their maturities (by lot within any maturity) on any interest payment date, at redemption prices ranging from 102% to 100010 plus accrued interest. The Bonds are general obligations of the City for which its full faith, credit and taxing power are pledged, and are payable from unlimited ad valorem taxes levied on all taxable property in the City (excluding homestead exemptions, as required by law). MATURITIES, AMOUNTS, RATES AND YIELDS OR PRICES (Accrued interest to be added) Yield or Yield or Yield or Maturity Amount Rate Prim Maturity Amount Rate Price i Maturity Amount Rate Price 1988 S 395,000 19% S 905,000 2004 S1,685,000 1989 530,000 1997 985,000 2005 1,825,000 1990 575.000 1998 1,060,000 2006 1,960.000 1991 620,000 1999 1,150,000 2007 340,000 1992 670,000 2000 1,240,000 2008 340,000 1993 725,000 2001 1,335,000 2009 340.000 1994 785,000 2002 1,450.000 2010 345.000 1995 840,000 2003 1,555,000 2011 345,000 The Bonds are offered when, as and if issued and received by the Underwriters, subject to the unqualified approval of legality by Greenberg, Traurig, Askew, Hoffman, Lipoff, Rosen & Quentel, P.A., Miami, Florida, Bond Counsel, and to certain other conditions. It is expected that the Bonds in definitive form will be available for delivery in New York, New York, on or about July 15, 1986. Sealed proposals will be received by the Commission of the City, at its regular place of meeting in the City Hall, 3500 Pan American Drive, Miami, Florida, until I1:00 A.M., Miami time, on June 26, 1986. Please refer to the Official Bid Form and Notice of Sale, which outline the terms and conditions for the submission of offers to purchase the Bonds. June , 1986 F"" Review Fiaaa¢W Printen, Miami, FL City of Miami —Preliminary Official Statement 616 Proof of 6/6/36 x 1d+2 8f —43C This Official Statement does not constitute an offer to sell Bonds in any jurisdiction to any person to whom it is unlawful to make such offer in such jurisdiction. No dealer, salesman, or any other person has been authorized by the City to give any information or make any representation, other than those contained herein, in connection with the offering of these Bonds and, if given or made, such information or representation must not be relied upon. The information and expressions of opinion herein are subject to change without notice and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there will be no change In the affairs of the City from the date hereof to the date of the delivery of the Bonds, but see paragraph headed "Closing Certificate" herein. TABLE OF CONTENTS Page Summary Statement TheCity .............................. The Bonds ............................ Interest Payment Dates .................. Optional Redemption ................... TaxExemption ......................... Application of Proceeds ................. Security, Authorization and Validation ..... Description of the Issue Introduction ........................... The Bonds ............................ General ............................. Interest Payment Dates ................ Maturity Schedule .................... Optional Redemption ................. Security, Authorization and Validation ... Application of Proceeds ................. Tax Exemption ......................... Credit Ratings ......................... Litigation ............................. Auditors .............................. Approval of Legal Proceedings ........... Closing Certificate ...................... Debt Summary Payment of Bonds and Bond Election Requirement......................... Debt Statistics and Various Debt Ratios .... Legal Debt Limitation ................... Selected Debt Data ..................... General Obligation Bonds Authorized But Not Issued .......................... Proposed Issues of Debt Securities ........ Capital Improvement Plan ............... Financing The Six -Year Capital Improvement Program ................ Leases and Other Commitments .......... Description of The City TheCity .............................. Geography .......................... Climate............................. Population .......................... Government of Miami ................. Mayor and City Commissioners ......... Administration of the City ............. Scope of Services and Agency Functions ......................... Regional Government Services .......... Medical Facilities .................... . Recreational Facilities ................. Cultural Facilities and Affairs .......... Educational Institutions ............... Financial Information .................. ---- General Description of Financial Practices .......................... Statement of Revenues and Expenditures ...................... Description of Revenues ............... Pension Trust Funds .................. Procedure for Tax Levy and Tax Collection ......................... Tax Schedules and Tables .............. Labor Relations ...................... Risk Management .................... Economic and Demographic Data ......... Introduction and Recent Developments ..................... Metrorail ........................... Bayside............................. Bayfront Park ....................... Southeast Overtown/Parkwest ......... Sports and Exhibition Center ........... Corporate Expansion ................. Industrial Development ............... Financial Institutions ................. Tourism ............................ Film Industry ........................ Agriculture .......................... Export.............................. Miami International Airport ........... Port of Miami ........................ Demographic Data ................... Retail Sales .......................... Employment ......................... Housing............................ Building Permits ..................... Approval of Official Statement ........... Appendix A. Financial Section of Comprehensive Annual Financial Report ("FINANCIAL STATEMENTS") ... Report of Independent Certified Public Accountants..................... General Purpose Financial Statements: Notes to Financial Statements ....... Supplemental Combining and Individual Fund Statements ......... B. Form of Opinion of Bond Counsel ..... C. Letter of City Attorney ............... Page TK.02 F64" jtevlew Financial Priaten, Miami, FL City of Miami —Preliminary Official Statement 41b Prot ot6/6/E6 x Is+2 8f -436, a THE CITY OF MIAMI, FLORIDA MEMBERS OF BOARD OF CITY COMMISSIONERS XAVIER L. SUAREZ, Mayor JOE CAROLLO MILLER J. DAWKINS ROSARIO A. KENNEDY J. L. PLUMMER, JR. CITY OFFICIALS City Manager .............. CESAR H. ODIO Assistant City Manager.. HERBERT J. BAILEY City Attorney ...... LUCIA A. DOUGHERTY Director of Finance..... CARLOS E. GARCIA City Clerk ................... MATTY HIRAI Bond Counsel GREENBERG, TRAURIG, ASKEW, HOFFMAN, LIPOFF, ROSEN & QUENTEL, P.A. Miami, Florida Financial Advisor JAMES J. LOWREY & CO. INCORPORATED New York, New York Independent Certified Public Accountants COOPERS & LYBRAND Miami, Florida TK*3 F6W iteview Flaa=W Pdate», Ml W. FL City of Miami—Pmlimimy official statement 4th Proof of slum x ti+2 W 86--436. $22,0009000 The City of Miami, Florida General Obligation Bonds Consisting of $12,000,000 Police Headquarters and Crime Prevention Facilities Bonds $5,000,000 Storm Sewer Improvement Bonds $3,000,000 Sanitary Sewer System Bonds $2,000,000 Street and Highway Improvement Bonds SUMMARY STATEMENT (Subject in all respects to the more complete information contained elsewhere in this Official Statement). The City The City of Miami in Dade County, Florida, was first settled in 1836 and was incorporated in 1896. It is located on the lower east coast of Florida along the western shore of Biscayne Bay and is the southernmost large city in the United States. It comprises 34.3 square miles of land and 19.5 square miles of water. The 1985 population estimate for the City of 380,446, developed by the State of Florida, Division of Population Studies, Bureau of Business and Economic Research, University of Florida, represents approximately 2207o of the total population of Dade County. The Bonds The Bonds are being issued in the aggregate principal amount of $22,000,000, are dated June 1, 1986, and are issuabie as fully registered bonds in the denomination of $5,000 or whole multiples thereof. Interest on the Bonds will be payable to the registered owners shown on the registration books of the City on the fifteenth day of the month preceding an interest payment date, by check or draft mailed to such registered owners by the Bond Registrar and Paying Agent. The principal of, and premium, if any, on the Bonds are payable upon presentation and surrender of the Bonds, at the option of such owner, at Chemical Bank, in the Borough of Manhattan in the City and State of New York as Bond Registrar and Paying Agent, or at Pan American Bank, N.A., or its successor, in the City of Miami, Florida as Paying Agent. Interest Payment Dates The Bonds bear interest at the rates per annum set forth on the cover page of this Official Statement, payable semi-annually on June 1 and December 1 of each year, commencing December 1, 1986, and mature on June 1 in the years and principal amounts set forth on the cover page of this Official Statement. Optional Redemption The Bonds maturing on or after June 1, 1997 are subject to redemption, at the option of the + Commission of the City, on and after June 1, 1996, in whole on any date, or in part in the inverse order of their maturities (by lot within any maturity) on any interest payment date, at the following redemption prices, plus accrued interest to the date of redemption: Redemption Period (dates inclusive) June 1, 19% to May 31, 1997 ............. June 1, 1997 to May 31, 1998 ............. June 1, 1998 and thereafter .............. Redemption Price 1percentaee of principal amount) 102% 101% 100% TxIWI F6" Rowim Finaciai Prfateis• Miami, FL City of Miami -Preliminary Official Statement Stb Proof of 6/6/86 x Ui+ 2 86-430",' Tax Exemption In the opinion of Bond Counsel, under existing statutes, regulations, rulings and court decisions, interest on the Bonds is exempt from all present Federal income taxation and the Bonds and interest thereon are exempt from taxation under the laws of State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations, banks and saving associations. For information concerning pending legislation, see "Tax Exemption" herein. Application of Proceeds $12,000,000 Police Headquarters and Crime Prevention Facilities Bonds Ordinance No. 9787, as amended, authorized the issuance of $20,000,000 Police Headquarters and Crime Prevention Facilities Bonds for the purpose of paying the cost of construction of additions to the Police Headquarters building, the acquisition and installation of electronic communications and computer equipment, and facilities for training, property unit and other police purposes, and the acquisition of any necessary land and other equipment. $5,000,000 principal amount of such bonds has been issued and an additional installment of $12,000,000 of such bonds is being offered hereunder. $5,000,000 Storm Sewer Improvement Bonds Ordinance No. 9781, as amended, authorized the issuance of $30,000,000 Storm Sewer Improvement Bonds for the purpose of paying the cost of construction of storm sewers, pumping stations, and outlets, culverts over or enclosing streams, wells, other types of local drainage facilities, the resurfacing of any damaged streets or sidewalks, and the acquisition of any necessary land. $9,000,000 principal amount of such bonds has been issued and an additional installment of $5,000,000 is being offered hereunder. $3,000,000 Sanitary Sewer System Bonds Ordinance No. 9128 as amended, authorized the issuance of $45,000,000 Sanitary Sewer System Bonds for the purpose of paying the cost of improvements and extensions to the sanitary sewer systems of the City. $5,000,000 principal amount of such bonds has been issued and an additional installment of $3,000,000 is being offered hereunder. $2,000,000 Street and Highway Improvement Bonds Ordinance No. 9129 authorized the issuance of $30,000,000 Street and Highway Improvement Bonds for the purpose of paying the cost of street and highway improvements in the City. $19,100,000 principal amount of such bonds has been issued and installment of $2,000,000 of such bonds is being offered hereunder. Security, Authorization and Validation The Bonds will be general obligations of the City for which its full faith, credit and taxing power have been irrevocably pledged, and are payable from unlimited ad valorem taxes on all taxable property in the City (excluding homestead exemptions for owner occupied housing and certain persons who are aged, disabled or otherwise qualified therefor, as required by law). The Bonds shall be issued under and pursuant to the laws of the State of Florida, the Charter of the City and ordinances and resolutions of the Commission of the City. The Bonds have been authorized under the provisions of the City Charter, including particularly Section 58 thereof, and certain ordinances and •�." FN66 Rniew F UWW Print^ Mlaml, FL Ciiy of Miami —Preliminary Official Statement 69b Proof of 6/6/86 x 18+ 2 8C;- 4 3f". • resolutions adopted by the Commission of the City. The Bonds have been approved by the electors and validated as follows: The Police Headquarters and Crime Prevention Facilities Bonds were approved by the electors on March 13, 1984 and were validated by judgement of the Circuit Court of Dade County on July 20, 1984. No appeal was taken. The Storm Sewer Improvement Bonds were approved by the electors on March 13, 1984 and were validated by judgement of the Circuit Court of Dade County on July 11, 1984. No appeal was taken. The Sanitary Sewer System Bonds were approved by the electors on October 7, 1980 and were validated by judgement of the Circuit Court of Dade County on January 11, 1982. No appeal was taken. The Street and Highway Improvement Bonds were approved by the electors on October 7, 1980 and were validated by judgement of the Circuit Court of Dade County on January 11, 1982. No appeal was taken. In TK:" 1 F6r66 BMW FhW W Printem Mhd, FL City of Miami —Preliminary Official Statement St6 Proof of 6/6/86 x 1l+2 t76-436' t [THIS PAGE INTENTIONALLY LEFT BLANK) C64K Review FImcW rdn"al ho"24 FL City of Miami--Pmilminary Official Statement lst Pnool0l4/15/" X"+2 u CAW Me lees Fi umW Pfttm, MW14 FL City of Miami --Preliminary Official Statement W Pmot of 4/15/86 x 1@+ 2 86-436' TK:" t i i i ie i i- OFFICIAL STATEMENT i $2290009000 THE CITY OF MIAMI, FLORIDA General Obligation Bonds Consisting of $12,000,000 Police Headquarters and Crime Prevention Facilities Bonds $5,000,000 Storm Sewer Improvement Bonds $3,000,000 Sanitary Sewer System Bonds $2,000,000 Street and Highway Improvement Bonds DESCRIPTION OF THE ISSUE INTRODUCTION The purpose of this Official Statement of The City of Miami, Florida (the "City"), which includes the cover page, the summary statement and appendices attached hereto, is to set forth information concerning the City and its general obligation bonds to be issued in the total principal amount of $22,000,000 (the "Bonds"), consisting of different series of general obligation bonds of the City authorized by the Commission of the City (the "Commission"), approved by the electors and remaining unissued, as hereinbelow mentioned. THE BONDS General The Bonds are being issued in the aggregate principal amount of $22,000,000, are dated June 1, 1986, and are issuable as fully registered bonds in the denomination of $5,000 or whole multiples thereof. Interest on the Bonds will be payable to the registered owners shown on the registration books of the City on the fifteenth day (whether or not a business day) of the month preceding an interest payment date (the "Record Date"), by check or draft mailed to such registered owners by the Bond Registrar and Paying Agent, irrespective of any transfer or exchange of any Bond subsequent to such Record Date and prior to such interest payment date, unless the City defaults in the payment of interest due on such interest payment date. In the event of any such default, such defaulted interest will be payable to the person in whose name such Bond is registered at the close of business on a special record date for the payment of such defaulted interest established by notice mailed by the Trustee to the registered owners of the Bonds not less than 10 days preceding such special record date, or will be payable in such other manner as may be permitted by the resolution of the City approving certain details of the Bonds. Such notice shall be mailed to the person in whose name the Bonds are registered at the close of business on the fifth day preceding the date of mailing of such notice. The principal of, and premium, if any, on the Bonds are payable upon presentation and surrender of the Bonds, at the option of the registered owner, at Chemical Bank, in the Borough of Manhattan in the City and State of New York as Bond Registrar and Paying Agent, or at Pan American Bank, N.A., or its successor, in the City of Miami, Florida as Paying Agent. Interest Payment Dates The Bonds bear interest at the rates per annum set forth on the cover page of this Official Statement, payable semi-annually on June 1 and December 1 of each year, commencing December 1, 1986, and mature on June 1 in the years and principal amounts set forth on the cover page of this Official Statement and as follows: F61K Review Financial Printers, Missal, FL City of Miami —Preliminary Official Statement st6 Proof of 6/6/86 x 1a+2 SG-436: TK.06 Maturity Schedule Maturity Date June t 1988........................ 1989........................ 1990........................ 1991........................ 1992........................ 1993........................ 1994........................ 1995 ........................ 1996 ........................ 1997........................ 1998........................ 1999........................ 2000........................ 2001........................ 2002........................ 2003 ........................ 2004........................ 2005 ........................ 2006........................ 2007 ........................ 2008 ........................ 2009 ........................ 2010 ........................ 2011 ........................ Optional Redemption Police Headquarters and Crime Storm Sanitary Street and Prevention Sewer Sewer Highway Total Facilities Improvement System Improvement Principal Bonds Bonds Bonds Bonds Amount $ 310,000 $ 85,000 $ -0- $ -0- $ 395,000 310,000 85,000 80,000 55,000 530,000 335,000 95,000 85,000 60,000 575,000 365,000 100,000 95,000 60,000 620,000 395,000 110,000 100,000 65,000 670,000 425,000 115,000 110,000 75,000 725,000 460,000 125,000 120,000 80,000 785,000 495,000 135,000 125,000 85,000 840,000 535,000 145,000 135,000 90,000 905,000 575,000 160,000 150,000 100,000 985,000 625,000 170,000 160,000 105,000 1,060,000 675,000 185,000 175,000 115,000 1,150,000 730,000 200,000 185,000 125,000 1,240,000 785,000 215,000 200,000 135,000 1,335,000 850,000 235,000 220,000 145,000 1,450,000 915,000 250,000 235,000 155,000 1,555,000 990,000 270,000 255,000 170,000 1,685,000 1,070,000 295,000 275,000 185,000 1,825,000 1,155,000 315,000 295,000 195,000 1,960,000 340,000 340,000 340,000 340,000 340,000 340,000 345,000 345,000 345,000 345,000 The Bonds maturing on or after June 1, 1997 are subject to redemption, at the option of the ' Commission of the City, on and after June 1, 1996, in whole on any date, or in part in the inverse order of • their maturities (by lot within any maturity) on any interest payment date, at the following redemption prices, plus accrued interest to the date of redemption: Redemption Period (dateslnciusive) Redemption Price (percentage of principal amount) June 1, 1996 to May 31, 1997 ............. 102% June 1, 1997 to May 31, 1998 ............. 101% June 1, 1999 and thereafter .............. 100% Notice of redemption shall be mailed, first class postage prepaid, not less than 30 nor more than 60 days before the redemption date, to the registered owners of any Bonds or portions of Bonds which are to be redeemed, at their last addresses appearing upon the registry books at the close of business on the last business day of the month preceding the month in which notice is mailed. Failure of the registered owner of any Bonds which are to be redeemed to receive any such notice shall not affect the validity of the proceedings for the redemption of Bonds. 2 F6466 Review Ftaanelal Prfete s, Miami, FL City of Miami -Preliminary Official Statement 6th Prootot 616136 x 18 +2 8G-*-43+i1wo; Security, Authorization and Validation The Bonds are general obligations of the City for which its full faith, credit and taxing power have been irrevocably pledged, and are payable from unlimited ad valorem taxes levied on all taxable property in the City (excluding homestead exemptions for owner occupied housing and certain persons who are aged, disabled or otherwise qualified therefor, as required by law). The Bonds shall be issued under and pursuant to the Constitution and other laws of the State of Florida, the Charter of the City and ordinances and resolutions of the Commission of the City. The Bonds have been authorized under the provisions of the City Charter, including particularly Section 58 thereof, and certain ordinances and resolutions adopted by the Commission of the City. The Bonds have been approved by the electors and validated as follows: The Police Headquarters and Crime Prevention Facilities Bonds were authorized by Ordinance No. 9787, as amended, were approved by the electors on March 13, 1984 and were validated by judgement of the Circuit Court of Dade County on July 20, 1984. No appeal was taken. The Storm Sewer Improvement Bonds were authorized by Ordinance No. 9781, as amended, were approved by the electors on March 13, 1984 and were validated by judgement of the Circuit Court of Dade County on July 11, 1984. No appeal was taken. The Sanitary Sewer System Bonds were authorized by Ordinance No. 9128, as amended, were approved by the electors on October 7, 1980 and were validated by judgement of the Circuit Court of Dade County on January 11, 1982. No appeal was taken. The Street and Highway Improvement Bonds were authorized by Ordinance No. 9129, as amended, were approved by the electors on October 7, 1980 and were validated by judgement of the Circuit Court of Dade County on January 11, 1982. No appeal was taken. Application of Proceeds $12,000,000 Police Headquarters and Crime Prevention Facilities Bonds Ordinance No. 9787, as amended, authorized the issuance of $20,000,000 Police Headquarters and Crime Prevention Facilities Bonds for the purpose of paying the cost of construction of additions to the Police Headquarters building, the acquisition and installation of electronic communications and computer equipment, and facilities for training, property unit and other police purposes, and the acquisition of any necessary land and other equipment. $5,000,000 principal amount of such bonds has been issued, and an additional installment of $12,000,000 of such bonds is being offered hereunder. $5,000,000 Storm Sewer Improvement Bonds Ordinance No. 9781, as amended, authorized the issuance of $30,000,000 Storm Sewer Improvement Bonds for the purpose of paying the cost of construction of storm sewers, pumping stations, and outlets, culverts over or enclosing streams, wells, other types of local drainage facilities, the resurfacing of any damaged streets or sidewalks, and the acquisition of any necessary land. $9,000,000 principal amount of such bonds has been issued and an additional installment of $5,000,000 is being offered hereunder. $3,000,000 Sanitary Sewer System Bonds Ordinance No. 9128, as amended, authorized the issuance of $45,000,000 Sanitary Sewer System Bonds for the purpose of paying the cost of improvements and extensions to the sanitary sewer systems of the City. $5,000,000 principal amount of such bonds has been issued and an additional installment of $3,000,000 is being offered hereunder. TBs07 F6466 Review FlaascW Printers, Miami, FL City of Miami —Preliminary Official Statement SW Proof of 5/30/36 x 36+2 86-4306, TC:07 $2, 000, 000 Street and Highway Improvement Bonds Ordinance No. 9129, as amended, authorized the issuance of $30,000,000 Street and Highway Improvement Bonds for the purpose of paying the cost of street and highway improvements in the City. $19,100,000 principal amount of such bonds has been issued and an additional installment of $2,000,000 of such bonds is being offered hereunder. TAX EXEMPTION In the opinion of Bond Counsel, under existing statutes, regulations, rulings and court decisions, interest on the Bonds is exempt from all present Federal income taxation and the Bonds and interest thereon are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations, banks and savings associations. On December 17, 1985, the United States House of Representatives adopted H.R. 3838, 99th Congress, Ist Session with an effective date of January 1, 1986. H.R. 3838 includes provisions which would apply to the Bonds retroactive to their date of issue. The Bonds do not comply with the provisions of H.R. 3838 and interest on the Bonds therefore would not be exempt from Federal income taxation if H.R. 3838 is enacted in the form adopted by the House of Representatives. However, in a Joint Statement on March 14, 1986, the Chairmen and ranking members of the House Ways and Means Committee and Senate Finance Committee and the Secretary of the Treasury agreed to endorse a postponement,of the effective dates of certain provisions of H.R. 3838 for certain governmental bonds issued before September 1, 1986 or the date of enactment of tax reform legislation, if earlier. In the opinion of Bond Counsel, the Bonds are governmental bonds for which the Joint Statement endorses a postponement of the effective dates of certain provisions of H.R. 3838 and interest on the Bonds would be exempt from Federal income taxation under H.R. 3838 as adopted by the House of Representatives with effective dates amended to conform with the Joint Statement, except that under H.R. 3838 interest on Bonds may be subject to a minimum tax for taxable years beginning after 1987 during any period when such Bonds are held by property and casualty insurance companies. On May 6, 1986, the Committee on Finance of the United States Senate ordered reported to the Senate a tax reform bill in the form of a substitute version of H.R. 3838. The Senate Finance Committee bill includes provisions affecting tax-exempt bonds, but generally would not apply such provisions to bonds issued prior to the date of the bill's enactment. In our opinion, interest on the Bonds would be exempt from Federal income taxation under the Senate Finance Committee bill as ordered reported on May 6, 1986, except that under the Senate Finance Committee bill interest on Bonds may be subject to an alternative minimum tax during any period when such Bonds are held by corporations. CREDIT RATINGS The Bonds have received the credit ratings of from Standard & Poor's Corporation and from Moody's Investors Service, Inc. Certain information and materials not included in this Official Statement were furnished to the rating agencies. Generally, rating agencies base their ratings on the information and materials so furnished and on investigations, studies and assumptions by the rating agencies. Such credit ratings reflect only the views of such credit rating agencies, and an explanation of the significance of such credit ratings may be obtained from the credit rating agencies furnishing the same. There is no assurance that such credit ratings will continue for any given period of time or that they will not be revised or withdrawn entirely by either or both of such credit rating agencies, if in their respective judgments circumstances so warrant. A revision or withdrawal of any such credit rating may have an adverse effect on the market price of the Bonds. 4 F6166 RevkIV Fi"WW Priatem, Miami, FL City of Miami —Preliminary Official Statement 6t4 Proof of 6/6/86 x It+ 2 86 -436; 7X.07 LITIGATION Pending litigation involving claims against the City is discussed in the City Attorney's letter attached hereto as Appendix C, which will be updated by the City Attorney in a letter to be submitted as a closing document. There is not now pending any litigation restraining or enjoining the issuance or delivery of the Bonds or the levy or collection of taxes to pay the principal of or the interest on the Bonds, or questioning the proceedings or authorization under which the Bonds are to be issued, or affecting the validity of the Bonds. AUDITORS The financial statements of the City set forth in this Official Statement have been examined by Coopers & Lybrand, independent certified public accountants, for the fiscal year ended September 30, 1985, as stated in their report to the City Commission dated December 27, 1985, and are an integral part of this Official Statement. See Appendix A, Financial Section of the Comprehensive Annual Financial Report ("FINANCIAL STATEMENTS"). APPROVAL OF LEGAL PROCEEDINGS Certain legal matters incident to the authorization and issuance of the Bonds are subject to the approval of Greenberg, Traurig, Askew, Hoffman, Lipoff, Rosen & Quentel, P.A., Bond Counsel, whose legal opinion will be available to the underwriters, at no cost to them, at the time of the delivery of the Bonds and will be printed on the Bonds. CLOSING CERTIFICATE Concurrently with the delivery of the Bonds, the City Manager and the Director of Finance will furnish their certificate to the effect that, to the best of their knowledge, this Official Statement, as of its date and as of the date of the delivery of the Bonds, did not and does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, in the light of the circumstances under which they were made, not misleading. F6666 Rewkw Financial Printers, Misml. FL City of Miami —Preliminary Official Statement 61h Proof of 6/6/" x 18+2 86-4,3e0 DEBT SUMMARY The information under this heading is subject in all respects to the more detailed financial information contained in the audited financial statements of the City. (See Appendix A, "FINANCIAL STATEMENT'S.") Payment of Bonds and Bond Election Requirement Pursuant to the Florida Constitution, there is no limit on the amount of ad valorem taxes the City must levy for the payment of voted bonds. The City is limited to a maximum tax levy of 10 mills per $1.00 ($10 per $1,000) of the assessed value of real estate and tangible personal property for City services, other than for the payment of voted bonds. Ad valorem taxes levied for periods not exceeding two years and authorized by a vote of the electorate are excluded from such 10 mill limitation. The Florida Constitution requires the approval of electors prior to the issuance of bonds payable from ad valorem taxes. A provision of the Florida Constitution limiting such vote to electors who were owners of freeholds not wholly exempt from taxation within the subdivision was declared void in 1972. Accordingly, all qualified electors in the City are eligible to vote in bond elections. The remainder of the relevant section of the Constitution providing for ad valorem taxation was held valid and is operative. Debts Statistics and Various Debt Ratios The following tables detail the City's debt statistics and significant comparative ratios of debt to population and to the City's tax base. Debt Ratios of the City of Miami (September 30, 1985) FACTORS: Assessed Valuation(1)...................................... $9,696,610,196 Net Taxable Assessed Valuation .............................. 8,744,180,656 City of Miami Debt, Net of Capitalized Reserve Funds General Obligation ....................................... $170,087,000 Special Obligation (2)..................................... 75,797,562 Combined Net Direct Debt .............................. $ 245,884,562 Overlapping Debt, Net of Capitalized Reserve Funds (3) General Obligation ....................................... $103,294,450 Special Obligation (2)..................................... 65,684,607 Combined Net Overlapping Debt ......................... $ 168,979,057 Total Combined Net Direct and Net Overlapping Debt ............. $ 414,863.619 Population of Miami (4).................................... 380,446 Assessed Valuation Per Capita ............................... $ 25,448 Net Taxable Assessed Valuation Per Capita ..................... $ 22,984 DEBT RATIOS: Net Direct General Obligation Debt as a Percent of Net Taxable Assessed Valuation ............................ 1.95074 Combined Net Direct and Overlapping General Obligation Debt as a Percent of Net Taxable Assessed Valuation ........... 3.1% Net Direct General Obligation Debt Per Capita .................. $ 447.07 Combined Net Direct General and Special Obligation DebtPer Capita ......................................... $ 646.31 Combined Net Direct and Overlapping General Obligation Debt Per Capita ......................................... $ 718.58 Combined Net Direct and Overlapping General and Special Obligation Debt Per Capita ................................ $ 1,090.47 A (footnotes on next page) U." F"" it r4m Flaaadal Priaten, Miami, FL City of Miami —Preliminary Official Statement 3rd Proof of 5/Xl/0ti x 10+3' SG-4+36: 17C:08 n;g9 (footnotes to table on previous page) (1) Assessed valuation as of September 30, 1985 using 1005o of assessed values as mandated by Florida law. (2) Special obligation debt is payable from revenue sources other than ad valorem taxes. (3) Figures shown are the City's share of Dade County's Debt based on assessed property valuation, which is 19% of the County total. (4) The 1985 estimate was provided by the State of Florida, Division of Population Studies, Bureau of Business and Economic Research, University of Florida. Ratio of Net General Bonded Debt to Net Assesed Value and Net General Obligation Bonded Debt Per Capita Ratio of Net General Obligation Net General Net Net General Bonded Debt Obligation Assesed Homestead Assesed Obligation to Net Bonded Debt September 30. Population Value Exemption Value Bonded Debt Assesed Value Per Capita (000) (000) (000) (000) 1985 .. 380,4460) $9,696,610 $952,430 $8,744,180 $170,087 1.95070 $447.07 1984 .. 383,027(l) 9,346,033 954,979 8,391,054 146,102 1.74 381.44 1983 .. 382,726(2) 8,659.281 920,895 7,738,386 124,955 1.61 326.49 1982 .. 382,726(2) 7,962,129 750,665 7,211,464 109,398 1.52 285.84 1981 .. 399,995(3) 6,622,365 564,238 6,058,127 118,038 1.95 295.09 1980 .. 346,865(3) 4,565,780 197,311 4,368,469 123,020 2.82 354.66 1979 .. 345,000(4) 4,227,175 196,708 4,030,467 134,786 3.34 390,68 1978 .. 345,000(4) 4,023,847 195,664 3,828,183 128,089 3.35 371.27 1977 .. 342,000(4) 3,938,270 198,559 3,739,711 119,341 3.19 348.95 1976 .. 340,000(4) 3,796,881 199,948 3,596,933 103,827 2.89 305.37 (1) The 1984 and 1985 estimates were provided by the State of Florida, Division of Population Studies, Bureau of Business and Economic Research, University of Florida. (2) Based on the July 1, 1982 population estimate used by the Office of Revenue Sharing of the Federal Government. (3) The City of Miami was involved in litigation with the Federal Census Bureau challenging the 346,865 population count of 1980; as a result, during 1981 the population count was adjusted upward to 399,995 for Federal Revenue Sharing purposes. (4) Estimated by the City on the basis of added electric and water connections and new dwelling units constructed. Legal Debt Limitation Section 58 of the City Charter limits general obligation bonds of the City to 15% of the assessed valuation of all real and personal property within the City limits as shown by the last preceding assessment roU of the City and provides that bonds for street, sewer, sidewalk and other public improvements which are paid from special assessments shall not be subject to such limitation of amount nor be considered when computing the amount of general obligation bonds that may be issued. The debt limitation for general obligation bonds based on net assessed valuation as of September 30, 1985 was $1,311,627,098.Outstanding general obligation debt applicable to the City's debt limitation as of September 30, 1985 totaled $174,640,000, which is approximately 2.007o of net assessed valuation. Selected Debt Data The following several tables show the details -of the City's principal and interest requirements of general obligation bonds, principal and interest requirements of revenue and special obligation bonds and overlapping Dade County debt. 7 F64" Revim Fhaacial Printers, Miaml, FL City of Miami —Preliminary Official Statement 4tb Proof of 5/30/86 x 36+2 SC -43£; 0 TS:10 General Obligation Bonds Outstanding on March 31, 1986 Final Issue Maturity Amount Amount General Obligation Issue Date Year Issued Outstanding Fire Fighting Facilities ................................... 3-1-58 1988 $ 850,000 90,000 Coconut Grove Incinerator ............................. I. 3-1-58 1988 111001000 120,000 Refunding Sewage Disposal Bonds ......................... 1-1-62 1990 14,565,000 2,950,000 Bayfront Recreational Facilities ........................... 8-1-67 1987 2,250,000 230,000 Recreational Facilities ................................... 8-1-67 1987 11000,000 100,000 Storm Sewer Improvements .............................. 8-1-67 1987 1,000.000 100,000 Recreational Facilities ................................... 7-1-68 1988 11500,000 240,000 Storm Sewer Improvement ............................... 7-1-68 1988 1,500,000 240,000 Sanitary Sewer ......................................... 7-1-68 1988 5,000,000 330,000 Convention Center ...................................... 5-1-69 1989 4,500,000 940,000 Fire Fighting Facilities ................................... 10-1-70 1990 11000,000 250,000 Police Headquarters. ................................ 10-1-70 1990 11500,000 380,000 Pollution Control Facilities ............................... 10-1-70 1990 3,000,000 775,000 Sanitary Sewers ........................................ 10-1-70 1990 7,000,000 725,000 Storm Sewer Improvement ............................... 2-1-71 1991 11500,000 400,000 Highway improvement .................................. 9-1-71 1991 2,000,000 600,000 Sanitary Sewer ......................................... 9-1-71 1991 5,000,000 690,000 Fire Fighting ........................................... 6-1-72 1992 111001000 420,000 Sanitary Sewer ......................................... 6-1-72 1992 51000,000 575,000 Police Headquarters ..................................... 6-1-72 1992 11500,000 540,000 Storm Sewer Improvements .............................. 6-1-72 1992 3,000,000 1,085,000 Street and Highway Improvements ......................... 6-1-72 1992 2,000,000 340,000 Public Park and Recreation Facilities ....................... 10-1-72 1997 28,350,000 14,150,000 Storm Sewer Improvements .............................. 9-1-73 1993 2,000,000 875,000 Police Headquarters ..................................... 9-1-73 1993 4,000,000 1,700,000 Storm Sewer Improvements .............................. 3-1-75 1995 3,000,000 1,400,000 Police Headquarters ..................................... 3-1-75 1995 81000,000 3,735,000 Sanitary Sewer Bonds ................................... 10-1-75 1995 5,000,000 1,805,000 Police Headquarters ..................................... 10-1-75 1995 2,000,000 1,050,000 Sanitary Sewer ......................................... 5-1-77 1997 13,000,000 7,840,000 Street and Highway Improvements ......................... 5-1-77 1998 5,000,000 1,500,000 Fire Fighting ........................................... 5-1-77 1997 5,000,000 3,145,000 Police Headquarters ..................................... 5-1-77 1997 3,000,000 1,950,000 Storm Sewer Improvement ............................... 5-1-77 1997 2,000,000 1,265,000 Fire Fighting . .... .... ........................ 12-1-77 1998 11000,000 650,000 Public Park and Recreation Facilities ....................... 12-1-77 2003 11,540,000 8,160,000 Housing .............................................. 12-1-77 2008 1,500,000 1,340,000 Street and Highway Improvements ......................... 12-1-78 1998 5,000,000 3,230,000 Sanitary Sewer ......................................... 12-1-78 1998 6,000,000 4,050,000 Fire Fighting, Prevention and Rescue Facilities ............... 12-1-78 1998 2,250,000 1,530,000 Storm Sewer Improvement . ... ................ 12-1-78 1998 5,000,000 3,970,000 Fin Fighting, Prevention and Rescue Facilities ............... 8-1-81 2001 1,750,000 1,465,000 Storm Sewer Improvement ............................... 8-1-81 2001 3,000,000 2,715,000 . ... .. .... ........ Housing .... .... ................ 8-1-81 2011 4,400,000 4,190,000 Fire Fighting, Prevention and Rescue Facilities ............... 5-1-83 2003 81000,000 8,000,000 Storm Sewer Improvement ............................... 5-1-83 2003 4,000,000 3,880,000 Sanitary Sewer ......................................... 5-1-83 2003 6,000,000 5,675,000 Street and Highway Improvements ......................... 5-1-83 2003 6,000,000 6,000,000 Housing ............................................. 5-1-83 2013 11000,000 985,000 Fire Fighting ........................................... 6-1-84 2014 2,000,000 2,000,000 Storm Sewer ........................................... 6-1-84 2014 3,000,000 3,000,000 Highway Improvement .................................. 6-1-84 2014 7,100,000 7,100,000 Housing Bonds ......................................... 6-1-84 2014 18,100,000 18,100,000 Fire Fighting ........................................... 4-1-85 2005 51000,000 5,000,000 Sanitary Sewer ......................................... 4-1-85 2005 8,000,000 81000,000 Storm Sewer ........................................... 4-1-85 2010 91000,000 9,000,000 Highway Improvement .................................. 4-1-85 2005 6,000,000 6,000,000 Police Headquarters ..................................... 4-1-85 2005 51000.000 5,000,000 $276,855,000 $171,575,000 8 F64" Rmlew Iiuodal Printers, Miami, FL City of Miami -Preliminary Official Statement St4 Proof of 5/30/86 x 36+ 2 8f •-436' T7ta1. General Obligation Bonded Indebtedness Principal and Interest Requirements as of March 31, 1986 Fiscal Year Ending Requirements September 30 Principal Interest Total 1986(1) ...... $ 5,660,000 $ 7,237371 $ 12,897,371 1987 ......... 10,880,000 12,614:808 23,494,808 1988 ......... 10,985,000 11,861,480 22,846,480 1989 ......... 10,120,000 11,099,646 21,219,646 19°0 ......... 10,050,000 10,382,422 20,432,422 1991 ......... 9,555,000 9,668,703 19,223,703 1992 ......... 8,990,000 8,942,460 17,932,460 1993 ......... 8,775,000 8,223,367 16,998,367 1994 ......... 8,605,000 7,523,433 16,128,433 1995 ......... 8,810,000 6,928,904 15,738,904 1996 ......... 8,570,000 6,358,291 14,928,291 1997 ......... 8,510,000 5,778,401 14,288,401 1998 ......... 7,550,000 5,178,944 12,728,944 1999 ......... 6,620,000 4,624,446 11,244,446 2000 ......... 5,790,000 4,097,025 9,887,025 2001 ......... 6,195,000 3,565,327 9,760,327 2002 ......... 6,105,000 3,048,301 9,153,301 2003 ......... 6,440,000 2,507,688 8,947,688 2004 ......... 4,495,000 1,951,682 6,446,682 2005 ......... 3,815,000 1,534,448 5,349,448 2006 ......... 1,835,000 1,301,542 3.136,542 2007 ......... 1,895,000 1,144,833 3,039,833 2008 ......... 2,025,000 982,302 3,007,302 2009 ......... 1,985,000 814,670 2,799,670 2010 ......... 2,105,000 642,568 2,747,568 2011 ......... 1,455,000 506,577 1,961,577 2012......... 1,145,000 388,700 1,533,700 2013......... 1,300,000 270,530 1,570,530 2014 ......... 1,310,000 136,240 1,446,240 $171,575,000 $139,315,109 $310,890,109 (1) Represents information for six month period. 9 F6/K Review FlaseeW Printer, Miami, FL City of Miami —Preliminary Official Statement 3rd Proof of 5/23/36 x 10+2 • i TJWJ Revenue and Special Obligation Bonds Outstanding on March 31, 1986 Final Special Obligation and Date or Maturity Amount Amount Revenue Bond Issue Issue Year Issued Outstanding Utilities Service Tax Series A (1) ............ 2-1-63 1988 $ 3,125,000 $ 300,000 Orange Bowl Warehouse Revenue (2) ........ 12-20-74 1989 225,000 81,000 Off Street Parking Revenue Series 1983 (3) ......................... 11-1-83 2009 13,860,00 13,545,000 Convention Center and Parking Garage Revenue Bonds (4) ............... 7-1-80 2015 60,000,000 60,000,000 Special Obligation Bonds (5) ............... 7-1-85 2008 13,720,000 13,720,000 Miami Sports and Exhibition Authority Floating/Fixed Rate Special Obligation Bonds Series 1985 (6)(7) ................. 12-26-85 2015 38,000,000 38,000,000 $125,646,000 (1) Debt service is provided by utilities service taxes imposed by the City on each purchase of electricity, gas, water and local telephone and telegraph service. A reserve must be maintained equal to the maximum annual debt service requirements. (2) Rental income from the lease of the warehouse facilities provides debt service on these bonds. (3) Secured by a pledge of the net revenues of the off-street parking facilities and the on -street parking meters of the city. (4) Debt service is provided by net revenues of the Convention Center -Garage, a pledge of certain telephone and telegraph excise tax revenues, and by a covenant of the City to provide, to the extent necessary, revenues of the City, other than ad valorem property tax revenues, sufficient to make up any deficiency in the required sinking fund. (See Note 15 in Appendix A, "FINANCIAL STATEMENTS"). (5) The Special Obligation Bonds are payable from the net revenues of the Government Center Parking Garage and certain non ad valorem revenues of the City. (See Note 15 in Appendix A, "FINANCIAL STATEMENTS.") (6) The Floating/Fixed Rate Bonds are limited obligations of the Miami Sports and Exhibition Authority payable solely from and secured by a pledge of (i) one-third of the net tax revenues from the convention development tax levied and collected in Dade County; (ii) investment earnings on certain monies deposited in certain trust funds; and, (iii) from the date of the original issuance of the 1985 Bonds through December 30, 1990 (except upon the earlier occurrence of certain events) from funds drawn under a letter of credit, in an amount equal to principal plus 55 days interest at 12% per annum. (7) Simultaneously with the issuance of the Miami Sports and Exhibition Authority Floating/Fixed Rate ' Bonds, a Note Purchase Agreement was entered into for a $10,000,000 Subordinated Obligation Note, Series 1985, secured by a subordinate pledge of the one-third convention development tax. The funds from the Subordinated Note are currently deposited in escrow by the Trustee. Escrow on this Note will not be broken until certain requirements have been met. 10 F640 Review Fluncial Prioteta, Masai, FL City of Miami--PmIWAnary Official Statement 6t6 Proof of 6/6/86 x 19+2 SC-436; • P4 REVENUE BONDS AND SPECIAL OBLIGATION BONDS PRINCIPAL AND INTEREST REQUIREMENTS (1)(2) As of March 31, 1986 Principal Utilities Fiscal Service Tax Year Special Ending Obligation Convention Warehouse Special Off -Street Total September Bonds Center Property Obligation Parking Revenue Principal 30 Series A Revenue Bonds Revenue Bonds Bonds Bonds Interest And Interest 1986(3) $ $ $ $ $ $ 3,829,948 $ 3,829,948 1987 150,000 18,000 110,000 175,000 7,648,083 8,101,083 1988 150,000 20,000 245,000 185,000 7,618,087 8,218,087 1989 21,000 265,000 200,000 7,583,318 8,069,318 1990 100,000 22,000 285,000 215,000 7,547,164 8,169,164 1991 330,000 310,000 235,000 7,500,996 8,375,9% 1992 640,000 335,000 250,000 7,435,206 8,660,206 1993 1,060,000 360,000 275,000 7,341,883 9,036,883 1994 1,140,000 390,000 300,000 7,210,715 9,040,715 1995 1,225,000 425,000 325,000 7,064,537 9,039,537 1996 1,320,000 465,000 355,000 6,901,601 9,041,601 1997 1,425,000 510,000 390,000 6,719,835 9,044,835 1998 1,540,000 560,000 430,000 6,518,931 9,048,931 1999 1,665,000 610,000 470,000 6,297,622 9,042,622 2000 1,805,000 665,000 520,000 6,054,770 9,044,770 2001 1,720,000 725,000 570,000 5,819,913 8,834,913 2002 1,870,000 800,000 630,000 5,614,363 8,914,363 2003 2,035,000 875,000 695,000 5,382,831 8,987,831 2004 2,215,000 955,000 765,000 4,981,064 8,913,064 2005 2,410,000 1,045,000 845,000 4,555,862 8,855,862 2006 2,620,000 1,145,000 930,000 4,254,018 8,949,018 2007 2,850,000 1,260,000 1,025,000 3,923,934 9,058,934 2008 3,095,000 1,380,000 1,130,000 3,346,437 8,951,437 2009 3,365,000 1,250,000 2,739,831 7,354,831 2010 3,660,000 1,380,000 2,310,963 7,350,963 2011 3,980,000 1,917,125 5,897,125 2012 4,050,000 1,568,875 5,618,875 2013 4,410,000 1,214,500 5,624,500 2014 4,720,000 828,625 5,548,625 2015 4,750,000 415,625 5,165,625 TOTAL $300,000 $60,000,000 $81,000 $13,720,000 $13,545,000 $152,146,662 $239,792,662 (1) Amounts presented are on a budgetary basis, in that payments due on October 1 are included in prior fiscal year requirement. (2) The Miami Sports and Exhibition Authority, an independent autonomous agency and instrumentality of the City created and established under the enabling legislation, on December 27, 1985, issued $38,000,000 Floating/Fixed Rate Special Obligation Bonds, Series 1985. The Bonds are limited obligations of the Authority, payable solely from and secured by a pledge of (i) one-third of the net tax revenues from the convention development tax levied and collected in Dade County; (ii) investment earnings on certain moneys deposited in certain trust funds with the trustee; and (iii) from the date of original issuance of the 1985 Bonds through December 30, 1990 (except upon the earlier occurrence of certain events), from funds drawn under a Bank Letter of Credit in a stated amount equal to the principal amount of the 1985 Bonds plus 55 days' interest thereon at an interest rate of 12% per annum. The Bonds mature in various amounts from 1991-2015. Simultaneously, a Note Purchase Agreement was entered into for a $10,000,000 Subordinate Obligation Note, Series 1985. The funds from the $10,000,000 Subordinated Note are currently deposited in escrow by the Trustee. Quarterly principal payments on the Notes commence in January, 1987 with the final installment due in December 1995, in the amount of $312,500 per quarter. Interest payments on these two obligations are at variable rates. (3) Represents information for six-month period, for the fiscal year ending September 30, 1986. 11 IX:12 F606 Revin► Fi"Will Printm, Miaml, FL City of Miami-Pretiminary Official Statement Sib Proof of 6/6/86 x 18 t 2 ©G-436, fa , s Net Overlapping Debt as of September 30, 1985= General Special Obligation Obligation Combined Debt Debt Debt City of Miami .................. $170,087,000 $ 75,797,562 $245,884,562 Dade County (1) ................ 103,294,450 65,684,607 168,979,057 Totals .................... $273,381,450 $141,182,169 $414,863,619 (1) Excludes $91,150,000 Waterworks System Bonds which are outstanding and are secured by revenues of the Miami Dade Water and Sewer Authority as well as a pledge of the County to make payments from ad valorem taxes, if necessary. As of September 30, 1985, Dade County General Obligation Debt was $543,288,462. Special Obligation Debt was $345,707,840 and Combined Debt was $888,996,302. Figures shown are the City's share of Dade County Debt based on assessed property valuation, which is 19016 of the county total. General Obligation Bonds Authorized But Not Issued The following table outlines the date, type and amounts of general obligation bonds authorized but not issued. Previously Proposed Balance Date of Voters Approval Type of Debt Authorized Issued Issue Unissued June 30, 1970 ....... Pollution Control $ 7,000,000 $ 3,000,000 -0- $ 4,000,000(1) June 30, 1970 ....... Streets & Highways 17,375,000 15,000,000 -0- 2,375,000(1) October 7, 1980 ..... Sanitary Sewers 45,000,000 5,000,000 $ 3,000,000 37,000,000 October 7, 1980 ..... Streets & Highways 30,000,000 19,100,000 2,000,000 8,900,000 November 3, 1981 ... Fire Fighting 21,000,000 15,000,000 -0- 6,000,000 March 13, 1984 ..... Storm Sewers 30,000,000 9,000,000 5,000,000 16,000,000 March 13, 1984 ..... Police Facilities 20,000,000 5,000,000 12,000,000 3,000,000 Totals ......... $170,375,000 $ 71,100,000 $22,000,000 $77,275,000 (1) Unissued bonds are restricted by a 7�/2To interest limit. Proposed Issues of Debt Securities The City expects to offer marina revenue bonds in an amount not presently expected to exceed $8 million by the end of 1986 for the purpose of expanding and developing marinas located on Dinner Key. The City is currently considering refunding a portion or all of the $30,200,000, Series 1984 General Obligation Bonds and is considering issuing Certificates of Participation for the purpose of a pooled equipment leasing program. The amounts of these proposed issues have not been determinated to date. The City Commission has authorized the issuance of up to $6,000,000 in Housing Construction Bonds, secured by a pledge of certain franchise fee payments, for the purpose of financing construction of single family residences. Bonds under this authorization may be sold in 1986. The City plans to market during 1986 up to $40 million in short term revenue notes to be used for construction loans to developers of the Southeast Overtown/Parkwest Project (see page 31 for a description of the Project). 12 M.t3 F64" Review Fluacial Pdatem. Miami, FL City of Miami —Preliminary Official Statement 4tb Proof of 5/211/116x 10+2 86 436, TW3 Capital Improvement Plan The City's Six Year Capital Improvement Program (1985-1991) is valued at $492,667,000. Major emphasis is placed on maintaining and expanding the City's infrastructure. The greatest number of projects are directed to housing programs, street improvement, park facilities, storm sewers, and transportation - related efforts. The community redevelopment projects are designed to assist in neighborhood revitalization and the expansion of the City's economic base. Shown below is a functional breakdown of the Six Year Capital Improvement Program: Functional Category Housing Programs ................................................ Street Improvements ............................................... Parks Facilities.................................................... StormSewers ..................................................... Community Redevelopment ......................................... Sanitary Sewers ................................................... Parking Facilities .................................................. Police........................................................... Fire............................................................. Computers....................................................... Marinas......................................................... Communications.................................................. Auditoriums...................................................... Stadiums......................................................... Transit Systems ................................................... Convention Centers ................................................ General Government ............................................... Total Capital Improvement Programs ............................. Amount Percentage $ 94,300,000 19.1% 82,628,000 16.8 58,590,000 11.9 50,174,000 10.2 48,805,900 9.9 38,125,000 7.7 37,645,000 7.6 26,056,000 5.3 19,507,800 4.0 9,071,000 1.8 8,145,000 1.7 7,346,000 1.5 5,138,000 1.0 2,976,000 .6 2,601,000 .5 1,334,000 .3 224,300 .1 $492,667,000 100.0 During fiscal year 1984-85, 18 projects representing $18,588,000 of Capital Improvements were completed. Financing the Six -Year Capital Improvement Program General Obligation Bonds provide the largest funding source for the Capital Improvement Program, as per the following detail. Voter approval by referendum has already been secured for part of the proposed General Obligation Bonds. It is anticipated that each year the City will sell approximately $20 to $25 million in General Obligation Bonds to implement this Capital Improvement Program. Voter approval is not required for revenue bonds. Projects included in this Capital Improvement Program for which revenue bonds may be issued are the reconstruction of the Dinner Key Marina, parking facilities in Little Havana, and parking facilities in the Design Center. The last two projects may be constructed and financed by the Department of Off -Street Parking. Non -City sources of funding account for approximately 10.5% of the Capital Improvement Program. All projects included in the Capital Improvement Program have identifiable sources of funding for significant portions of total estimated project costs. The portion of the Program for which funding has not yet been determined accounts for approximately 9.5076 of the necessary funding. Generally, these are projects that will be initiated during the latter years of the Program and the City believes that it has sufficient time to determine the appropriate funding. 13 F6r66 Review Fi naocial Prialea, Miami, FL City of Miami —Preliminary Official Statement SW Proof of 616136 x III +2 C76-4 3 6 Total Percentage of Proposed Sources of Funding Amount Program Total City General Obligations Bonds: Previous Sales ..................... $115,374,000 23.4010 This Sale .......................... 22,000,000 4.5 Future Sales —Authorized Issues ...... 53,542,000 10.9 Future Sales —Unauthorized Issues .... 64,648,800 13.1 255,564,800 51.9 Revenue Bonds ....................... 90,047,000 18.3 Capital Improvement Funds (1) ......... 48,320,300 9.8 393,932,100 80.O010 Non -City Federal Grants ....................... 43,074,900 8.70/0 State Grants ......................... 1,388,000 .3 Private Developer Contribution ......... 7,547,000 1.4 Non -City Subtotal ................ 52,009,900 10.4 Funding Undetermined .................. 46,725,000 9.5 Total Funding ................... $492,667,000 100.0010 (1) These funds can, at the discretion of the City Commission, include Florida Power & Light Company franchise revenues, and will include related interest, retained earnings, resort tax, sale and/or lease of City property, or any other funds so designated. Leases and Other Commitments The City has entered into several agreements running until 1988 for the lease purchase of various copying, word and data processing equipment with total future payments amounting to approximately $5.8 million, of which $1.2 million is payable within one year. The City maintains a Self-insurance Expendable Trust Fund to administer insurance activities relating to certain property and liability risks, group accident and health and workers' compensation. Charges to participating operating departments are based upon amounts determined by management to be necessary to meet the required annual payouts during the fiscal year. The estimated liability for insurance claims includes the estimated future liability on a case -by -case basis for all pending claims and an actuarially determined amount for claims incurred but not reported. The unfunded long-term portion of the total estimated liability, which is expected to be funded from future operations, is reflected in the General Long -Term Debt account group and amounted to approximately $24,060,000 as of September 30, 1985. 14 TK-.13 TY:14 F64" Review Flaawial Printer, Miami, FL City of Miami —Preliminary Official Statement 41h Proof of 5/28/36 x 10+ 2 SG-436,' TK:14 DESCRIPTION OF THE CITY THE CITY Geography The City of Miami, situated at the mouth of the Miami River on the western shore of Biscayne Bay, is a main port of entry in Florida and the county seat of Metropolitan Dade County which encompasses 2,000 square miles of Florida's southeastern region. The City comprises 34.3 square miles of land and 19.5 square miles of water. Dade County is often referred to in this document as Greater Miami or the Miami area. Miami is the southernmost major city and seaport in the continental United States and the center of pan -American trade and air transportation. The nearest foreign territory is the Bahamian island of Bimini, some 50 miles from the state's tip. Climate Due to its location near the upper boundary of the tropical zone, Miami's climate is strongly influenced by the Gulf Stream, trade winds and other local climatic factors. Its average yearly temperature is 75.5°F. Summertime temperatures average 81.4°F and winter temperatures average 69.1°F. Rainfall comes most frequently between the months of May and September, with June the heaviest, averaging nine inches. Population The U.S. Bureau of the Census estimated the population of the City of Miami at 346,865 as of April 1, 1980. On October 1, 1980 this figure was upwardly adjusted by 53,130 to account for the influx of Cuban and Haitian Refugees. This adjustment estimates the City of Miami's population at 399,995 as of October 1, 1980. All 1980 U.S. Census information, however, is based on the lower, April 1, 1980 population estimates. The 1985 population estimate of 380,446 for the City has been computed by the State of Florida Division of Population Studies, Bureau of Business and Economic Research, University of Florida, State of Florida. Miami's racial and ethnic mix is comprised of non -Latin Whites, Blacks and Hispanics with the relative segment of White/Black categories indicating only slight changes over the past 20 years. Sixty-seven ' percent of the City's population is White, 25 percent is Black and 8 percent is classified as "Other." The most significant change has been in the Hispanic category, which has grown to represent 56 per cent of the City's total population. South Florida is a popular destination for retirees from the northeast seeking the hospitable and temperate climate. The retiree population contributes significantly to the local economy as recipients of transfer payments such as Social Security, pensions, and investment income. Appropriate support services are provided by the State and the County. The City provides only limited specialized services. Government of h iaml The City of Miami has operated under the Commission -City Manager form of government since 1921. The City Commission consists of five elected citizens, who are qualified voters in the City, one of whom serves as Mayor. The Commission acts as the governing body of the City with powers to enact ordinances, adopt resolutions and appoint a chief administrative officer known as the City Manager. The City Clerk and City Attorney, as well as members of the Planning and Zoning Board, the Off -Street Parking Board, the City of Miami Health Facilities Authority, the Downtown Development Authority and the Miami Sports and Exhibition Authority are also appointed by the Commission. 15 F6W Review Ramada' Pdaten, Miami, FL City of Miami --Preliminary Official Statement 6th Proof of 6/6/96 x 18+ 2 86y., 436 City elections are held in November every two years on a non -partisan basis. At each of these elections a Mayor is elected for a two year term. Candidates for Mayor must run as such and not for the Commission in general. At each election two members of the Commission are elected for four year terms. Thus, the City Commissioners' terms are staggered so that there are always at least two experienced members on the Commission. The City Manager serves as the administrative head of the municipal government, charged with the responsibility of managing the City's financial operations and organizing and directing the administrative infrastructure. The City Manager also retains full authority in the appointment and supervision of department directors, preparation of the City's annual budget and initiation of investigative procedures. In addition, the City Manager takes appropriate action on all administrative matters. Mayor and City Commissioners Xavier L. Suarez was elected Mayor in November, 1985 for a two year term. Mayor Suarez is a Summa Cum Laude graduate of Villanova University, and holds a Masters Degree in Public Policy from the John F. Kennedy School of Government of Harvard University, and a Juris Doctorate from Harvard Law School. He is currently a partner in the Miami law firm of Barnett and Alagia. Mayor Suarez has actively served the Miami community for a number of years through participation on numerous advisory boards and committees. Miller J. Dawkins was elected Commissioner in November, 1981, reelected in 1985 for a four year term and elected Vice -Mayor by the City Commission in November, 1985 for a one year term. Vice -Mayor Dawkins is a graduate of Florida Memorial College and holds a MS degree from the University of Northern Colorado. Commissioner Dawkins has been employed for 16 years at Miami Dade Community College. Joe Carollo was elected Commissioner in November, 1979 and reelected in 1983 for a four-year term. Commissioner Carollo is a graduate of Miami Dade Community College and Florida International University. He holds a Baccalaureate of Arts degree in International Relations and a Baccalaureate of Science Degree in Criminal Justice. He is presently President of Genesis Security Services, Inc. Rosario A. Kennedy was elected Commissioner in November, 1985 for a four year term becoming the fast Hispanic woman ever elected to the Commission. Commissioner Kennedy is Vice President of Terremark, • Inc., a Miami real estate development and investment firm. Commissioner Kennedy has served on numerous business, civic and community boards, in leadership and membership capacities, in the Miami area. J. L. Plummer, Jr. was appointed a Commissioner in October 1970, and was elected Commissioner in November, 1971, and reelected in 1975, 1979 and 1983 for four-year terms. Commissioner Plummer is a graduate of Miami Senior High School and the Cincinnati College of Mortuary Science. He is Chairman of the Board of Ahern -Plummer Funeral Homes, Miami. Administration of the City Cesar H. Odio was appointed City Manager effective December 16, 1986. Prior to his appointment to the top administrative position in the City of Miami, Mr. Odio served as Assistant City Manager for the City since January 1980. His responsibilities extended over the functions of parks and recreation, building and vehicle maintenance, and public facilities. During the Mariel Boatlift in 1980, he was appointed to the President's Task Force on Refugee Affairs. Mr. Odio has a Bachelor of Science degree in Public Administration from Florida Memorial College, Miami, and majored in Business Administration at the University of Santo Tomas de Villanueva, Havana, Cuba. Herbert J. Bailey has served as Assistant City Manager since his initial appointment in October 1982. Mr. Bailey's responsibilities for the City include the Departments of Development, Finance and Community Development, as well as liason to several public authorities and organizations. Prior to joining the City, he 16 TK:14 F6166 RevLew Fl mdal Printers, bli ml, AFL City of Miami —Preliminary Official Statement 6th Proof of 6/6/86 x 18+2 CM served as President and CEO of Philadelphia Citywide Development Corporation and President of Urban Development Services, Inc. Mr. Bailey holds a Bachelor of Arts in Business Administration from Antioch College and a Masters Degree in Urban Economic Development from Goddard College. Carlos E. Garcia, Director of Finance since June 1980, joined the City in November, 1976 as Assistant Finance Director. He has been previously employed in private industry in positions of Treasurer, Controller, and Auditor. Mr. Garcia is a Cum Laude graduate of the University of Miami with a BBA and also holds a Master of Science in Management from Florida International University. He is licensed as a CPA in the State of Florida and is a member of the American and Florida Insititutes of CPA's and of the Government Finance Officers' Association of the United States and Canada. Lucia A. Dougherty is the City Attorney for the City of Miami, Florida, and the former City Attorney for the City of Miami Beach. She received her B.A. degree from Syracuse University, a M.L.S. degree from Oklahoma City University, a J.D. degree from Oklahoma City University and a L.L.M. Degree in Ocean and Coastal Law from the University of Miami, Florida. She is a member of the Florida and Oklahoma Bars and has also served as a lecturer at numerous conferences and seminars. Matty Hirai was appointed City Clerk on September 1, 1985. She was the City's Assistant City Clerk from September,.1976 to August, 1985. She is a graduate of Edison High School and has completed college courses at Pasadena City College, University of California at Los Angeles, and Hunter College. She attended specialized courses at Syracuse University and obtained the three-year Certified Municipal Clerk certificate extended by that University. Ms. Hirai is member of the International Institute of Municipal Clerks. Scope of Services and Agency Functions The City provides certain services as authorized by its charter. Those services include public safety (police, fire and code enforcement), parks and recreational facilities, trash and garbage collection, street maintenance, construction and maintenance of storm drain systems, planning and development functions, construction of capital improvements, and building code, inspection and enforcement services. The Police Department provides a full range of police services, has a uniformed force of 1,060 and a civilian component of 452. The Fire Department is rated as Class I and provides a full range of fire protection and emergency services as well as providing a full range of medical and rescue services. The City provides garbage and trash pickup and enforces sanitation requirements. Disposal of trash and garbage is performed by Dade County under contract with the City. The Department of Public Works maintains certain streets and sidewalks and manages construction of sewers and other capital facilities required by the City. The State of Florida and Dade County are responsible to maintain most arterial streets and all major highways within the City. The Department of Public Facilities maintains and operates all City owned parks and administers various recreational and cultural programs associated with these facilities. Regional Government Services The following information and data concerning Dade County (the "County") describes the regional government services the County provides for residents of the County, including residents of the City. The County is, in effect, a municipality with govenmental powers effective upon the twenty-seven cities in the County and the unincorporated area. It has not displaced or replaced the cities but supplements them. The County can take over particular activities of a city's operations (1) if the services fall below minimum standards set by the County Commission, or (2) with the consent of the governing body of the city. 17 TK:15 F6466 Review Financial Printers, Miami, FL City of Miami —Preliminary Official Statement Sth Proof of 6/6/86 x 18 + 2 86 -43C, Since its inception, the Metropolitan County government has assumed responsibility on a County -wide service basis for a number of functions, including Count wide police services complementing the g Y- P P S �4 municipal police services within the municipalities, with direct access to the National Crime Information tt Center in Washington, D.C. and the Florida Crime Information Center; uniform system of fire protection, complementing the municipal fire protection services within ten municipalities and providing full service fire protection for seventeen municipalities which have consolidated their fire departments with the County's fire department; consolidated two-tier court system conforming to the revision of Article V of the Florida Constitiution which became effective on January 1, 1973; developing and operating a County -wide ��.��• water and sewers p programs g system; coordination of the various surface transportation ro rams and extending into the development of a unified rapid transit system; operation of a central traffic control computer system; merging all public transportation systems into a County system; effecting a combined public library system of the County and eighteen municipalities, which together operate the main library, seventeen branches and six mobile units serving forty-four County -wide locations; centralization of the property appraiser and tax {` collector functions; furnishing data to municipalities, Board of Public Instruction and several state agencies for the purpose of budget preparation and for their respective governmental operations; collection ;x by the Dade County Tax Collector of all taxes and distribution directly to the respective governmental ' entities according to their respective tax levies and prescribing minimum acceptable standards adopted by the Board of County Commissioners and enforceable throughout the County in such areas as environmental resources management, building and zoning, consumer protection, health, housing and welfare. Medical Facilities The 41 hospitals located in Greater Miami offer virtually all general and highly specialized medical services. This progressive and growing health care delivery system provides educational opportunity for the health care professional and places Miami in the forefront of communities with comprehensive national and international medical capabilities. Recreational Facilities The Miami area is famous for its sailing, deep sea fishing and boat races. There are 35 yacht clubs and marinas, with 685 berthing facilities provided by City -owned marinas. Athletics for spectator sports fans are held at the City -owned Orange Bowl Stadium, Miami Baseball Stadium, the Marine Stadium and the Miami Convention Center. Sports competition includes professional and college football, baseball and championship boat races. Other athletic events include amateur football, basketball, soccer, baseball, motorcycle speedway racing and rowing events. Golf is played year round at the Miami area's 23 public and 14 private courses. Several open golf tournaments are held each year. Miami area's 403 public parks and playgrounds cover 408,710 acres, providing residents and visitors a wide range of subtropical nature settings unique only to South Florida in the continental U.S. Each park has a combination of facilities that are enjoyed year round. These facilities include but are not limited to: public swimming pools, tennis courts, handball courts, boat ramps, vita courses, picnic areas, lakes for swimming and boating, equestrian trails and baseball and softball fields. The area's 22 public beaches comprise 1,400 acres, which are freely accessible and are enjoyed year round by residents and tourists. Cultural Facilities and Affairs The Miami area has an extensive library system, several museums of art and history and art galleries. A new cultural center built by Dade County at a cost of $26.6 million opened in downtown Miami in 1984. 18 TK:15 F6466 Review Fiwacial Printms, Miami, FL City of Miami —Preliminary Official Statement 4t6 Proof of 5/30/86 x 36+2 86 -436'r The complex, designed by Philip Johnson, is composed of a library, fine arts center, and a historical museum. Symphonic and pop concerts are performed regularly. Five theatres draw plays and concerts from around the United States which appeal to all ages. Operas are performed by both amateurs and professionals. Resident dance companies offer a full calendar of events. There are numerous festivals and affairs appealing to various ethnic groups. Annual festivals range from the Coconut Grove Arts Festival and Orange Bowl Festival to Calle Ocho, Goombay and the Renaissance Fair. Educational Institutions Dade County public schools provide educational facilities on primary and secondary levels. Public school enrollment, including both primary and secondary levels, since 1980 is as follows: School Enrollment Public School System Dade County Year Miami Total 1986 ................. 38,345 236,127 1985 ................. 37,093 227,906 1984 ................. 36,992 223,884 1983 ................. 35,394 223,948 1982 ................. 35,662 226,324 1981 ................. 36,430 233,886 1980 ................. 35,093 226,576 Over 70,000 students are enrolled in the following'colleges and universities located within the area: Barry University Florida International University Florida Memorial College International Fine Arts College Miami Christian College Miami -Dade Community College St. Thomas University University of Miami 19 TK:16 F6466 tievkw Flsanetal Printers, MlmW, FL City of Miami —Preliminary Official Statement 4a Proof of 5128186 x 111+2 W 436i F TK:16 FINANCIAL INFORMATION General Description of Financial Practices The City Charter requires the City Manager to submit a budget estimate not later than one month before September 30 of each fiscal year. Each department prepares its own budget request for review by the City Manager. The City Commission holds public hearings on the budget plan and must adopt the budget not later than October 1. The City's Governmental Funds (General, Special Revenue, Debt Service and Capital Projects Funds) and Expendable Trust Funds follow the modified accrual basis of accounting, under which expenditures, other than interest on long-term debt, are generally recorded when the liability is incurred and revenues are recorded when measurable and available to finance the City's operations. The accrual basis is utilized by all Proprietary and Pension Trust Funds. The accounts, books, records and financial transactions of the City are audited annually by a firm of independent certified public accountants, presently Coopers & Lybrand. The opinion of the independent certified public accountants is included in the Comprehensive Annual Financial Report of the City, (see Appendix A, Report of Independent Certified Public Accountants "FINANCIAL STATEMENTS"). 20 F64" Review Fin"cW Printers, Mitml, FL City of Miami —Preliminary Official Statement 3rd Proof of 5/30/" x 36+2 86' 436 0 Statement of Revenues and Expenditures The following table presents certain financial information with respect to the financial capability of the City regarding the payment of its obligations, including the Bonds. See Appendix A, the Section "FINANCIAL STATEMENTS" for audited financial statements of the City for the fiscal year ended September 30, 1985. Summary of Revenues, Expenditures and Year -End Fund Balances General Fund (Budgetary Basis) and General Obligation Debt Service Fund Fiscal Year Ended September 30 1986 1985 1984 1983 1982 Budget Actual Actual Actual Actual General Fund: Revenues and Other Financing Sources . $189,958,316 $186,880,355 $167,965,786 $153,965,574 $137,744,349 Expenditures and Other Uses... 196,458,316 181,467,001 167,556,050 151,1769538 137,693,783 Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Uses ...... $ (6,500,000)(1) $ 5,413,354(4) $ 409,736 $ 2,789,036 $ 50,566 Year -End Fund Balance $ 12,538,787 $ 7,378,679(2) $ 8,254,635(3) $ 6,056,634 General Obligation Debt Service Fund: Revenues.......... $ 22,360,372 $ 21,572,813 Expenditures ...... 24,123,083 22,567,544 Excess (Deficiency) of Revenues Over Expenditures .... $ (1,762,711)(1)$ (994,731) Year -End Fund Balance ......... $ 4,553,376 $ 17,048,598 $ 16,075,923 $ 15,854,959 17,565,047 16,623,286 17,525,034 $ (516,449) $ (547,363) $ (1,670,075) $ 5,548,107 $ 6,064,556 $ 6,611,919 (1) State statutes require that budget be balanced. Budgeted deficits are covered by appropriated fund balances. (2) Adjustments for net equity transfers to other funds and accumulated compensated absences decreased fund balance by $1,285,692. (3) Adjustments for net equity transfers to other funds decreased fund balance by $591,035. (4) Adjustments for net equity transfers to other funds decreased fund balance by $253,246. Description of Revenues The following is a description of the City's revenue structure. 21 F6666 Itavfew Fiaaacial Pdaten, Mlaml, FL City of Miami --Preliminary Official Statement Sth Proof of 5/30/86 x 36 + 2 . General Fund Property Taxes —Article 7, Section 9 of the Florida Constitution provides that except for taxes levied for payment of bonds and certain voter approved levies, municipalities in the State may not levy ad valorem taxes in excess of ten mills per $1.00 ($10 per $1,000) of assessed valuation upon real estate and tangible personal property having a situs within the taxing city, when the tax is being imposed to generate monies for municipal purposes. Both Dade County and the City tax real and tangible personal properties within the City. Dade County and twenty-seven incorporated municipalities, including the City, do not levy personal income tax, gross receipts tax, inheritance tax, gift tax or commuter tax. Utilities Service Taxes —These taxes are received by a debt service fund, as explained in page 24 of this statement. Substantial excess monies available after the payment of various debt service requirements are transferred to the General Fund. Franchise Taxes —The City has entered into franchise agreements with utilities to generate revenues for the City based on the dollar volume of services rendered to City residents. The most significant of these agreements is with Florida Power & Light Company for a 30-year period, with an estimated revenue of $12.9 million in fiscal year'86. Local Option Gas Tax —This is a tax levied on the sale of gasoline. The funds generated are to be used for street and highway maintenance. This tax was originated in 1984 and was recorded in a special revenue fund at the time. Since 1985 it has been recorded directly in the General Fund. Occupational Licenses —The City levies a license tax for business privilege licenses. License taxes vary according to the type of business. The exception to this are the contractors' licenses, which are collected only by the Dade County Tax Collector. There is a set contractors' fee for all contractors within the County. After collection, Dade County returns to the cities its pro rata share of revenue collected. The pro rats share due each city depends on the number of contractors doing business within each city's limits. Federal Revenue Sharing —The revenues derived from the Federal government are appropriated by the Commission to support general fund operations, including a limited number of social service programs. State Revenue Sharing —The revenues distributed to the municipalities by the State of Florida under the State's revenue sharing program are derived from a percentage of its collection of the State cigarette tax, the State motor fuel tax and the State road tax. Sales Taxes —The State of Florida levies a 5 percent sales tax. A portion of this tax, one half of one cent of the 5 percent levied, is shared by municipalities based on their population. Solid Waste Fee —Since 1980, the City has levied a solid waste fee which has been a revenue to the General Fund. The rate may increase by action of the City Commission and there are no legal restrictions on the amount of the increase. The present rate is $160 per year for a residential unit and a graduated rate structure for non-residential units. At the present rate, this revenue item will generate approximately $13.5 million per year to help offset Solid Waste appropriations of $25.1 million in 1986. The rate utilized by the City is lower than rates utilized by Dade County and other surrounding jurisdictions. 22 F6466 Review F undol Printers, Mlaml, FL City of Miami —Preliminary Official Statement Sib Proof of 5/30/36 x 36+2 86--43 6. The City's General Fund receives revenues from a variety of sources. The following table lists the revenues received by the City from these sources for the past five fiscal years. Certain financing sources presented as "Operating Transfers In" in Appendix A, "FINANCIAL STATEMENTS" are reclassified in this table according to their sources of origin. General Fund Revenues and Other Financing Sources (000's) 1985 1994 1983 1982 1981 Taxes: Property Taxes .................. $ 84,209 $ 78,968 $ 67,619 $ 61,865 $ 54,060 Utilities Service Taxes ............ 17,563 22,301 21,648 20,674 18,563 Franchise Taxes ................. 16,073 4,885 5,703 4,919 4,825 117,845 106,154 94,970 87,458 77,448 Licenses and Permits: Occupational Licenses ............ 3,954 3,982 3,874 4,775 4,712 Permits ........................ 2,087 1,871 1,414 677 889 6,041 5,853 5,288 5,452 5,601 Intergovernmental: Federal Revenue Sharing .......... 8,921 9,987 9,267 9,281 9,166 State Revenue Sharing ............ 11,962 11,715 12,298 12,084 12,113 Sales Taxes ..................... 11,355 10,634 9,478 - - Other Grants ................... 5,952 3,178 4,242 4,019 4,021 38,190 35,514 35,285 25,384 25,300 Intragovernmental ................. 2,799 2,687 2,483 2,511 2,581 Charges for Services: Solid Waste Fees ................. 12,994 7,735 7,867 6,841 5,870 Other Fees ...................... 4,640 4,412 3,627 3,950 5,256 17,634 12,147 11,494 10,791 11,126 Other Revenues and Financing Sources ........................ 4,371 5,611 4,446 6,148 3,000 Total ........................ $186,880 $167,996 $153,966 $137.744 $125,056 Special Revenue Funds Downtown Development Authority -This Authority assesses a separate millage rate to property in the Central Business District. In 1985, the General Fund contributed in excess of $770,000 to this operation. Rescue Services -This fund accounts for a portion of the telephone franchise tax especially designated by the electorate to provide additional rescue services. Federal Revenue Sharing and Grant Funds -Federal Revenue Sharing entitlement funds are passed through to the General Fund. Community Development Block Grants and Economic Development Administration • Grants are designated for specific purposes approved by the applicable Federal agency. Cable T.V.--This fund accounts for revenues from the Cable T.V. license and its specific uses. Miami Sports and Exhibition Authority -On July 12, 1983, the Florida State Legislature passed a bill authorizing certain counties to levy by ordinance a 3016 Convention Development Tax on hotel rooms, 23 •• TYt17 F6/66 Review FlaaacW Frintas, Mhtaal, FL City of Miami -Preliminary Official Statement 4th Proof of 6/6/86 x 15+ 2 86--436 specifying that "one-third of the proceeds shall be used to construct a new multi -purpose convention/coliseum/exhibition center or the maximum components thereof as funds permit in the most populous municipality in the county." The City of Miami then created the Miami Sports and Exhibition * Authority and on October 4, 1983 Dade County approved the levying of the tax for administration and * disbursement, by the Authority, of the City of Miami's share. Local Option Gas Tax —(See explanation on Page 22). Debt Service Funds Property Taxes —The City Charter authorizes a separate levy of ad valorem taxes to pay interest and * principal on general obligation bonds. State statutes empower municipalities to levy ad valorem taxes as * necessary to fund general obligation debt service. Utilities Service Taxes —The City imposes a 1007o tax on each purchase of electricity, metered gas, bottle gas, water and local telephone and telegraph services. Revenue funds annual debt service of approximately $160,000 on Utilities Service Tax bonds. In addition, this revenue source is partially pledged as an additional resource for debt service requirements for the Convention Center -Garage Revenue Bonds and the Special Obligation Bonds, Series 1985. These pledges amount to approximately $5.8 million in 1986. Excess monies available after the payment of debt service requirements revert to the general fund. Assessment Lien Collections —Property owners abutting certain capital project improvements are assessed a portion of the cost of such improvements. These collections are pledged to general obligations bonds debt service, since general obligation bond proceeds were orginally used to finance these improvements. Enterprise Funds Revenues for these funds are primarily generated by user fees and charges. Certain facilities are subsidized by the City's general fund and other discretionary funds. Enterprise facilities include: Orange Bowl Stadium —Primarily used for football games, the stadium is home to the Miami Dolphins and University of Miami Hurricanes. Miami Stadium —This baseball stadium is used for training by the Baltimore Orioles. Local baseball teams play at the stadium, which is also used for rock concerts and other events. Marine Stadium —Various regattas, concerts and nautical events are held at this stadium. Marinas --This fund includes the Dinner Key Marina, currently slated for expansion and refurbishment and Miamarina which is closed during the construction of the Bayside Specialty Center. Warehouse Property —This property has a long-term lease with the Orange Bowl Committee and is used to build floats and other festival -related equipment. Golf Courses —The two City -owned and operated golf courses are used year round by local residents and tourists. Dinner Key Exhibition Hall —This facility is a favorite of local exhibitors and hosts conventions jointly with the City's Convention Center. Miami Convention Center —The Convention Center is part of a complex shared with the University of Miami Conference Center, a private hotel, a multi -level parking garage and a soon to be completed World Trade Center atop the garage. 24 T107 F6666 Review Financial Pdatem, Mhml, FL City of Miami —Preliminary Official Statement Sth Proof of 6/6/86 x 18+2 86 --436 NEW Department of Off -Street Parking —The Department runs five parking garages in the City s as well as on -street meters and off-street lots, with a total of over 16,700 parking spaces. - Property and Lease Management —This newly established fund was created to account for the rent and lease of city -owned property by private entities. Governmental Center Parking Garage —This 1,100 car garage serves the Government Center, and in particular the Cultural Center complex. Internal Service Funds There are six internal service funds that are self-supporting because their revenues are derived from charges for services to other City departments. These funds are: City Garage Fund —For purchases and maintenance of all heavy equipment used by the City. Communication Services Fund —For the maintenance of communications and data processing equipment. y Motor Pool Fund —For purchases and maintenance of the automobile fleet. Print Shop Fund —For all of the City's basic printing needs. Property Maintenance Fund —For regular building maintenance, and a limited amount of building alterations and additions. Stationery Stock Fund —For purchases and storing of office supply items consumed in quantity in the City's operations. Pension Trust Funds The City has two separate pension funds, The City of Miami Fire Fighters' and Police Officers' Retirement Trust, (FIPO) (formerly the "System") and the City of Miami General Employees' and Sanitation Employees' Retirement Trust (GESE) (formerly the "Plan"). The actuary for GESE is Compensation & Capital, Inc., Chicago, Illinois. For FIPO, the actuary is Stanley, Holcombe and Associates, Inc. Both firms were selected independently by the Boards of Trustees. Additionally, the City selects its own actuary to determine the amount that the City will contribute to GESE and FIPO. The City's actuary is Edward H. Friend & Co. Division of Johnson and Higgins of Washington, D.C. The City's financial statements included the pension trust funds for the first time in 1985. A detailed discussion of the pension trusts, including the principal acturial assumptions with respect to GESE and FIPO is contained in Appendix A, Note 14 to the "FINANCIAL STATEMENTS." The following is a summary of certain financial information relating to the pension trust funds. 25 rtt8 F6466 Review Finnciai Printer, Miami, FL City of Miami —Preliminary Official Statement St4 Proof of 6/6/86 x 18+2 86 -436, GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST (GESE) (FORMERLY, THE PLAN) Fiscal Years Ended September 30 (In Thousands) 1985 Assets available for: Benefits -Beginning of Year ............................. $ 98,705 City Contribution ...................... 10,160 Employee Contribution ................. 4,557 Net Investment Earnings (1) ......................... 11,446 26,163 Benefits and Withdrawals ........................ 10,490 Administrative Expenses........................... 280(2) 10,770 Assets Available for Benefits -End of Year............................... Unfunded Accrued Liabilities, as of October 1, subsequent 1994 1983 1982 1981 $ 80,801 $ 67,193 $ 59,686 $56,319 9,137 7,979 6,981 7,690 4,080 3,453 3,071 2,880 14,477 11,506 6,351 1,791 27,694 22,938 16,403 12,361 9,770 9,310 8,875 8,966 20 20 21 28 9,790 9,330 8,896 8,994 $114,098 $ 98,705 $ 80,801 $ 67,193 $59,686 to end of fiscal year ................... (3) $114,128 $111,778 $103,214 $95,456 (1) Includes gains and losses on sales of investment securities and other miscellanec (2) Beginning in fiscal year 1985, certain investment expenses, formerly paid b, assumed by GESE. (3) Unfunded accrued liability as of October 1, 1985 will be computed as part of Edward H. Friend's Actuarial Report, which will be available in September 198 26 TY:29 F6W Review FlaaacW pdaten, Miami, FL City of Miami -Preliminary Official Statement Stl FIRE FIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST (FIPO) (FORMERLY, THE SYSTEM) Fiscal Years Ended September 30 (In thousands) Assets available for: Benefits -Beginning ofYear ............................... City Contribution ........................ Employee Contribution ................... Net Investment Earnings (1) ........................... Benefits and Withdrawals ........................... Administrative Expenses ............................. Assets Available for Benefits -End of Year................................. Unfunded Accrued Liabilities, as of January 1, subsequent to end of fiscal year ..................... 1985 1984 1983 1982 1981 $163,037 $142,855 $119,305 $107,462 $ 99,574 10,700 9,596 7,248 8,226 6,220 5,155 4,495 4,063 3,419 2,761 23,966 15,924 21,701 9,372 8,092 39,821 30,015 33,012 21,017 17,073 11,136 9,787 9,431 9,143 9,146 326(2) 46 31 31 39 11,462 9,833 9,462 9,174 9,185 $191,396 $163,037 $142,855 $119,305 $107,462 (3) $108,265(4)$108,924 $ 97,942 S 79,151 (1) Includes gains and losses on sales of investment securities and other miscellaneous income. (2) Beginning in fiscal year 1985 certain investment expenses formerly paid by the City have been assumed by FIPO. (3) Unfunded accrued liability as of October 1, 1985 will be computed as part of the fiscal year 1987, Edward H. Friend's Actuarial Report, which will be available in September 1986. (4) Beginning in fiscal year 1984 the valuation date for FIPO is October 1, subsequent to end of fiscal year. The preceding unfunded liability amounts are as reported by the City's actuary. Other amounts for fiscal year 1985 have been summarized from those reported in Appendix A, "FINANCIAL STATEMENTS," Schedule G-3. Other amounts for years 1981-1984 are as reported in the annual financial reports of the System and the Plan, reduced by amounts related to receivables claimed to be due from the City which were the subject of the pension litigation, now resolved, described in Appendix A, Note 14(b) to the "FINANCIAL STATEMENTS." 27 TK.20 F6466 Rwkw Flaaaclat Pdaten, Mismt, FL City of Miami -Preliminary Official Statement Sib Proof of 6/6/86 x 18+ 2 86--436 Procedure For Tax Levy and Tax Collection Real and personal property valuations are determined each year as of January 1 by the Dade County Assessor of Property at 100% of market value. A notice is mailed to each property owner indicating the property valuation. The property owner has the right to file an appeal with the Dade County Clerk of the Board of Tax Adjustment if such property valuation as determined by the property appraiser is inconsistent with that as determined by the property owner. All appeals of such valuation determinations are heard by the Dade County Board of Equalization. The Board certifies the assessment roll upon completion of the hearing of all appeals so filed. All taxes are due and payable on November 1 of each year or as soon thereafter as the assessment roll is • certified and delivered to the Dade County Tax Collector. The Dade County Tax Collector mails to each taxpayer on the assessment roll a notice of the taxes levied. Taxes may be paid upon receipt of such notice, with discounts at the rate of four percent if paid in the month of November, three percent if paid in the month of December, two percent if paid in the month of January and one percent if paid in the month of y. February. Taxes paid during the month of March are without discount. Taxpayers also have the option of paying their taxes in equal quarterly payments based on the prior years' tax assessment with a six percent 14 discount with the June 30th payment, four percent with the September 30th payment, two percent plus ' one-half of any adjustments required to bring tax payments to current year's tax assessments, discounted at three percent with the December 31st payment and no discount plus one-half of any such adjustments with the March 31st payment. All unpaid taxes on real and personal property become delinquent on April 1 of the calendar year following the year in which the taxes were levied. All tax collections for the City are delivered to the Cityof Miami by Dade Count The delinquent real property taxes bear interest at the rate Y• q 1? P Y of eighteen percent per year from April 1 until a tax sale certificate is sold at auction from which time the interest rate shall be as bid by the buyer of the certificate. TY:1a Tax Schedules and Tables The following tables present detailed information pertaining to the City's assessed property valuations, tax levies and collections and the City's ten largest tax assessments. The assessed value of taxable property in the City together with real property value assessed, personal property assessed value, and homestead exemptions in the current and each of the last ten completed fiscal years is detailed below. Assessed Value of All Taxable Property Fiscal Year Ended September 30 Fiscal Real Personal Year Property Property 1985 ....... $8,538,398,000 $1,158,212,000 1984 ....... 8, 230, 309,000 1,115, 724,000 1983 ....... 7,616, 829,000 1,042,452,000 1982 ....... 6,976,847,000 985,282,000 1981 ....... 5,748,550,0000) 873,815,000 1980 ....... 3,743,051,244 822,728,511 1979 ....... 3,420,381,422 806,793,605 1978 ....... 3,279,667,236 744,179,862 1977 ....... 3,256,815,414 681,454,979 1976 ....... 3,123,657,035 672,697,054 1975........ 2,851,309,996 689,895,764 Gross Homestead Net Total Exemptions Total $9,696,610,000 $952,430,000 $8,744,180,000 9,346,033,000 954,979,000 8,391,054,000 8,659,281,000 920,895,000 7,738,386,000 7,%2,129,000 750,665,000 7,201,464,000 6,622,365,000 564,238,000 6,058,127,000 4,565,779,755 197, 310,871 4,368,468,884 4,227,175,027 196,708,033 4,030,466,994 4,023,847,098 195,664,076 3,828,183,022 3,938,270,393 198,558,652 3,739,711,741 3,796,354,089 199,420,601 3,596,933,488 3,541,205,760 196,797,718 3,344,408,042 (1) The increase in assessed value of real property in fiscal year 1981 is largely due to a change in Florida law requiring that property be assessed at 100010 of acutal value. 28 F64" Review Financial Printers, Miami, FL City of Miami --Preliminary Official Statement 616 Proof of 6/6/66 x 18+2 86--436 The City has levied a certified millage of 11.9091 mills for the fiscal year 1985-86 beginning October 1, 1985, consisting of 9.8571 mills for general operations and 2.052 mills for debt service. The following table shows the tax levies and collections of the City for each of the last ten completed fiscal years. Tax Levies and Collections Fiscal Years Ended September 30 Outstanding Total Total Delinquent Adjusted Collections Percent Collection Collections Taxes Tax of Current of of Total As Percent Outstanding As Percent City MIIi a Be Fiscal Levy Year's Levy Delinquent Tax of Current Delinquent of Current General Debt Year All Funds Imes Collected Taxes Collections Levy Taxes (1) Levy Fund Service 1985 ...... $104,135,000 $100,976.000 %.97ro S 722,000(2)S101,698,000 97.664ro S3,970,000 3.81% 9.8571 2.052 1994 ...... 93,340.000 88,982,000 95.33 3,036,000 92,018,000 98.58 3,367,000 3.61 9.5514 1.5724 1983 ...... 83.025,000 79,815,000 %.38 1,209,000 80,024,000 94.93 2.925.000 3.52 9.061 1.668 1982 ...... 76,903,000 74,040,000 %.28 1.067.000 75,107,000 97.66 2,489,000 3.24 8.947 1.717 1981 ...... 72,619,000 70,288,000 %.79 437,000 70.725,000 97.39 2,027,000 2.79 9.036 2.951 1980 ...... 60,983,826 58,789.7% %.40 307,659 59,097,455 96.91 1,439.430 2.23 10.000 3.960 1979 ...... 58.389.375 37,325,287 98.18 430,947 57,756,234 98.92 1,559.360 2.67 10.000 4.487 1978 ...... 50,532,016 49,095.263 97.16 523,373 49.618,636 98.19 3,195,919 6.49 10.000 3.200 1977 ...... 43,854,070 42,969,232 97.98 650,775 43.620,007 99.47 2,282,539 5.20 9.592 2,311 1976 ...... 38,508,055 37.280,660 %.81 633,860 37,914,520 98.46 2,048,476 5.32 8.619 2.311 (1) Net of reserve for early payment discounts and uncollectable tax of approximately 5076 of total tax levy. (2) Starting in Fiscal Year 1985, current year's delinquent tax collections are included with collection of current year's taxes. For years prior to 1985 collection of delinquent taxes included both current year and prior years' delinquent tax collections. The following table lists the ten largest tax assessments in the City of Miami. Ten Largest Tax Assessments in the City of Miami 1985 Assessed Values Name of Property Holder A.T. & T./Southern Bell Chopin Associates Southeast Bank Equitable Life Assurance Florida Power and Light City National Bank Miami Herald Miami Center Joint Venture One Biscayne Tower, N.W. New York Life insurance Nature of Activity 1985 Assessed Values (000's) Utility $ 296,409 Office Buildings/Hotel 183,174 Bank/Office Building 182,546 Office Buildings 146,644 Utility 101,246 Office Building/Bank 82,358 Newspaper/Publishing 76,131 Unimproved Real Estate 66,720 Office Building 62,982 Retail Sales 46,768 $1,245,538 Source: Dade County Property Appraiser and City of Miami Finance Department. Labor Relations The City Manager's Office has a professional labor relations staff dedicated solely to labor negotiations and labor contract administration. 29 F6466 Review Financial Priaten, Mlatoi, FL City of Miami -Preliminary Official Statement 4th Proof of 5/28/36 x 10+2 C76-436 ^4 4 TY;19 TIC:21 Ttvo labor agreements expired on September 30, 1985; the International Association of Fire Fighters (IAFF) Local 587, and the Sanitation Employees Association S.E.A. The City is currently operating under the expired agreements while negotiations are underway. It is anticipated that these negotiations will be concluded by the summer of 1986. The American Federation of State, County and Municipal Employees (A.F.S.C.M.E.) Local 1907 has a contract, which expires on September 30, 1986, that calls for a 507o increase in July, 1986. The Fraternal Order of Police (F.O.P.) Lodge 20 has a contract which expires in 1987, calling for a 4% increase retroactive to January 1, 1985 and 307o on October, 1986. Risk Management A Charter Amendment was approved by the electorate in 1971, allowing the City to set up a Self -Insurance and Insurance Trust Fund. The City Commission created, by Ordinance, a Board of Trustees composed of the City Manager, the Director of Finance, and the Insurance Manager to handle the security investments of the Fund. Also created was a Self -Insurance Committee, appointed by the City Manager to administer the Plan. The City is self -insured for most casualty exposures with the exception that coverage by outside insurance is secured when it is available at acceptable rates. Purchased policies include a broad, all-risk property policy covering all City property; general liability insurance for its exposures at the Miami Convention Centet, Dinner Key Marina, all parks, pools and playgrounds of the City, and fidelity bonds on all City employees. Group life insurance and accidental death and dismemberment insurance are also commercially purchased. The City self -insures all exposures not commercially insured including vehicular accidents, police torts, and general liability. The City's liability for damages in most tort claims is limited to $100,000 per claimant, and $200,000 per occurrence in accordance with the Florida Statutes, Section 768.28, which waives sovereign immunity in torts claims to the extent of such amounts. (See Appendix A, Note 12 to the General Purpose Financial Statements for a discussion relating to the City's self-insurance program.) Group health benefits are self -insured for employees represented by the American Federation of State, County, and Municipal Employees, Local 1907, certain managerial confidential employees not represented by the labor union, and retirees of these two groups. The City also offers these two groups of employees the choice between the indemnity group benefit and a pre -paid health maintenance organization. The City has purchased a specific stop loss policy for self insured health insurance claims that limits the City's liability to $97,500 per occurrence. The Sanitation Employees Association has a self -funded health benefit plan as its sole health benefit option. In July of 1984, the Fraternal Order of Police and the International Association of Fire Fighters established separate group benefits plans for both active employees represented by those bargaining units and retirees formerly represented by those bargaining units as their sole health benefit option. The City's contribution to provide group health benefits for these bargaining unit employees is limited by the labor agreements. The limitation for group health benefits is an amount similar to that which the City has been contributing for these employees to its self -funded plan. ECONOMIC AND DEMOGRAPHIC DATA Introiduction and Recent Developments Miami's diversified economic base is comprised of Iight manufacturing, trade, commerce, wholesale and retail trade, and tourism. While the City's share of Florida's tourist trade remains an important economic force, the great gains Miami has made in the areas of banking, international business, real estate and transhipment have fortified the economic base. 30 F6466 iifeview Financial Printm, Mwm1, FL City of Miami —Preliminary Official Statement St6 Proof of 616/36 x 1a+2 86-436. Major capital improvements have allowed the area to accomodate and foster this rapid expansion. The Port of Miami has almost doubled in size, from 325 acres to 600 acres through a $250 million expansion program completed in 1981. The Port expansion program is designed to move 16 million tons of cargo and four million cruise ship passengers a year by the year 2000. Immediate plans include a third gantry crane, and the addition of 1,000 square feet of lineal berthing space. Further plans call for a land fly over bridge linking directly to the interstate and a $100 million complex comprised of two new cruise berths, office and retail space and a 500 seat restaurant. Miami International Airport is undergoing a $1 billion expansion program. A seven story 2,300 space parking structure, directly across from the main terminal, was completed in 1984. An elevated pedestrian sky bridge, opened in early 1985, connects the parking structure to the main terminal. Other projects include the construction of a direct connector road to the airport expressway and a soon to be completed cargo tunnel. Expansion and modernization of passenger gate areas continues to accommodate the increase in domestic and international passenger traffic. The Cargo Clearance Center which will centralize all cargo related federal agencies, will be operational in 1987. lx Downtown Miami continues to grow at a healthy rate. During 1985, 15 major projects were under k construction at an estimated development cost of $1.077 billion. Included among these projects are nine (9) new office buildings that will provide over 3.7 million square feet of additional Downtown office space. New residential projects will add over one thousand housing units. 1985 Downtown Construction Office Space .................. 3,751,731 sq. ft. Retail Space ....................549,839 sq. ft. Residential .......................1,144 Units Hotel ............................156 Rooms Metrorail The new $1 billion, 20.5 mile Metro Rapid Transit System became fully operational in April, 1985. This system contains 20 neighborhood transit stations spaced approximately 1.5 miles apart. Of major importance to Downtown development is the recently opened Metro Mover, an elevated 1.9 mile central city people mover system connected to Metrorail. Bayside The Rouse Company, a leading builder of speciality marketplaces in downtown waterfront settings, has been selected to develop the Bayside Specialty Center on twenty acres along the waterfront in Downtown Miami. The project currently under construction will feature 200,000 sq. ft. of new retail space and 35,000 sq. ft. of renovated restaurant space. Total project cost is $124 million, with City participation limited to a $4 million investment in infrastructure improvements. The Bayside Parking Garage, to be located adjacent to the speciality center, will contain 1,200 parking spaces and a surface lot. Bayfront Park Bayfront Park, adjacent to the Bayside project area, will be redeveloped at a total project cost of $22 million. Seventy percent of the project financing has been secured by the City through a variety of Federal, state and private funding sources. Southeast Overtown/Parkwest The Southeast Overtown/Parkwest Redevelopment Program entails the redevelopment of 200 acres of prime real estate, adjacent to the central business district, for new residential and commercial activity. The general redevelopment concept for the project area is the provision of a wide range of housing opportunities, with supporting commercial uses, to serve the area's future population. By the end of the century the 31 TK:21 F6466 Review Financial Printers, Miami, FL City of Miami —Preliminary Official Statement 6t6 Proof of 6/6/86 x 13+2 8f -436 project area is envisioned to have the capacity to support over 9,000 residential units and over one million square feet of commercial space. The City of Miami has been delegated limited redevelopment powers for the implementation of the redevelopment plan. Public sector involvement will focus on land acquisition, resident relocation, demolition, project marketing, infrastructure improvements and construction and, in some instances, the provision of "gap" financing. It is estimated that over $1 billion in private investment will occur during the next 20 years. Phase I land acquisition is nearing completion and the first new private construction is expected to commence on up to five separate development parcels by the end of 1986. Public infrastructure work, including utilities, street improvements and pedestrian amenities, is now being designed for implementation in conjunction with the private development. Total public investment in Phase I Redevelopment is over $30 million. New private construction in the amount of $150 million is programmed to occur over the next six years. Sports and Exhibition Center The City of Miami approved an ordinance creating the Miami Sports and Exhibition Authority on July 28, 1983. Florida Statutes require the creation of such an Authority as a condition precedent to the County enacting an ordinance levying a 3% Convention Development Tax on hotel rooms. The City's share of the tax proceeds must be used to construct a multi -purpose convention/coliseum exhibition center or major componets thereof, within the City of Miami. The City's share of these tax proceeds is expected to be $3-$4 million per year. Plans for the facility require a minimum of 150,000 sq. ft. of exhibition space, 75,000 sq. ft. of conference space, a 16,000 seat sports arena and all appropriate parking and ancillary areas. The selection of a development plan and developer by the City Commission of the City of Miami occurred in April 1985 and negotiations are underway. See Appendix A, Notes 15 and 16 to the "FINANCIAL STATEMENTS" for a description of the financing undertaken to date with respect to this facility. Corporate Expansion The favorable geographic location of Greater Miami, the trained commercial and industrial labor force and the favorable transportation facilities have caused the economic base of the area to expand by attracting to the area many national and international firms doing business in Latin America. In Greater Miami, over 100 international corporations have set up hemispheric operations. Among them are such corporations as Dow Chemical, Gulf Oil Corporation, Owens-Corning Fiberglass Corporation, American Hospital Supply, Coca-Cola Interamerican Corporation and Ocean Chemicals, Inc., a subsidiary of Rohm & Haas Company. Other national firms which established international operations or office locations in Greater Miami are Alcoa International, Ltd., Atlas Chemical Industries, Bemis International Dymo, Inc., International Harvester, Johns Manville International, Minnesota (3-M) Export, Inc., Pfizer Latin America Royal Export, and United Fruit. Industrial Development Greater Miami contains over one hundred mullion square feet of industrial building space. Manufacturing concerns account for nearly half of the occupied space with storage companies occupying an additional 35 percent of the City's industrial space. Transportation and service companies occupy the bulk of the remaining 15010 of the City's industrial space. The Industrial Development Authority (IDA) of Dade County reports that approximately two-thirds of Greater Miami's industrial firms own their facilities. There are currently 37 industrial parks in Greater Miami. 32 TK;3 F64" Review Fhwsdal Printer, Miaxal, FL City of Miami —Preliminary Official Statement 6th Pmotot6/6/86 x 18+2 86-4, 36 Miami's apparel industry is one of the largest in the nation. Miami's market is primarily made up of f ii numerous small firms rather than a few large operations. Roughly 30,000 jobs are provided by Hearty 500 ";ri' manufacturers. Florida apparel firms, most of which are centered in the Miami area, shipped $849 million in merchandise in 1980, a 56 per cent increase over 1970 figures. South Florida is one of the fastest growing interior design centers in the nation. Over 250 design - related businesses provide 6,000 ancillary jobs and generate $250 million into the local economy. More than $10 million in new construction has taken place in the past three years at the Miami Design Plaza, located on 38 acres within a 14-block area in midtown Miami. It is anticipated that approximately $11 million more will be invested in the district in the immediate future. Financial Institutions Dade County is growing as an international financial center with 37 foreign banks operating in the community. Additionally, there are 33 Edge Act Banks that have moved to the Miami area. These include: BankAmerica International, Bank of Boston International South, Bankers Trust International, Banco de Santander International, Chase Bank International, Citibank International, Irving Trust, Chemical Bank International, Manufacturers Hanover International, and Morgan Guaranty International. The Federal #' Reserve Edge Act Amendment, adopted in 1979, permitted banks to open international banking subsidiaries outside their home states. The Federal Reserve System has located a branch office in Dade County to assist ;= the Atlanta office with financial transactions in the South Florida area. .:4 There are 76 local banks in Dade County which together have a total of $21.8 billion in deposits. A ten year summary is presented below: „k Bank Deposits (1) Number of Year Banks Total Deposits 5- 1985 ......... 76 $21,800,000,000 1984 ......... 73 17,603,600,000 1983 ......... 70 16,158,326,000 1982 ......... 65 13,486,248,000 1981 65 9,234,540,000 1980 ......... 63 9,341,691,000 1979 ......... 71 7,982,108,000 --� � 1978 73(2) 7,015,276,000 1977 ......... 98 6,481,146,000 1976 ......... 95 5,526,615,000 Source: U.S. Comptroller of the Currency. (1) The information presented is for Metropolitan Dade County as a whole which includes the City of Miami. The figures include national and state chartered banks that are F.D.I.C. insured; state chartered non-insured banks are not included. (2) Decline in number of banks is attributable to change in Florida's banking laws which now allow for branch banking. Some of these branches were separate banks prior to the change in the law. Tourism Miami always has been a very attractive city for domestic and international tourists. Its climate and beaches draw many thousands of visitors throughout the year. Local government and private interests have cooperated in developing outstanding attractions and events which include power boat races at Miami 33 TK..0 F6466 Review FiusmW Printers, Miami, FL City of Miami —Preliminary Official Statement 4th Proof of 5/28/86 x 1o+2 8` -436: of 0 Marine Stadium, the Orange Bowl Classic, the Seaquarium, Planet Ocean, Parrot Jungle, Monkey Jungle, the Orchid Jungle, dog and horse race tracks , Jai Alai, the Vizcaya Palace and Metrozoo. Other points of interest and activities include tours of the Everglades and the Florida Keys, major league professional sports events, and annual attractions such as the Youth Fair, Graphics Fair, International Folk Festival, Orange Bowl Marathon, Calls Ocho Open House, Carnaval Miami, Coconut Grove Art Festival, Kwanza and Goombay Festivals, Hispanic Heritage Week, Little River Oktoberfest and the Orange Bowl festival events. = The Miami Grand Prix auto race has been run annually in downtown Miami since 1983. Cars and drivers from around the world competed for more than $300,000 in prize money in 1986. During1985 approximately 5.4 million out-of-state visitors stayed in over 57,000 hotel and motel - °�, rooms in Greater Miami. Many of these visitors participated in international trade activities such as conventions and conferences. Tourists and visitors expended over $4 billion in Greater Miami in 1985, ry* according to Dade County estimates. f Film Industry Film production in South Florida reached an all time high in 1985, according to figures released by the ,. State's Department of Commerce, Motion Picture and Television Bureau. State and local officials estimate that between 60 to 70 percent of Florida's film business is conducted in South Florida (Dade and Broward LL� counties). The 1985 film production totals for Florida were $175 million of which $80 million was spent in Greater Miami. Agriculture The land area of Greater Miami includes large agricultural expanses on which limes, avocadoes, mangoes, tomatoes, and pole beans are grown for the fresh produce market. During the sunny and warm winter months, the mild climate enables these crops to be grown and harvested. Many of the vegetables are shipped to the northern United States during the winter. Exotic tropical fruits such as plantains, lychee fruit, papaya, sugar apples and persian limes grow in the area and cannot be grown anywhere else in this country. Export More than fifty percent of Florida's foreign trade, which according to the U.S. Commerce Department's 1985 figures totalled in excess of $20 billion, flows through the ports of Miami. Further stimulation in the investment climate has resulted from the implementation of the 12 year Caribbean Basin Initiative program, designed to boost the economies of 27 countries of Central America and the Caribbean islands. The new law, which grants duty-free entry into the U.S, of material goods produced in the region, is also expected to bring greater economic stability to those countries. Trade offices have been established in South Florida by several countries, in addition to economic affairs conducted by the 37 foreign consulates located in the Miami area. These trade offices include those established by Belgium, Chile, Colombia, the Dominican Republic, Guatemala, Hong Kong, Jamaica, Korea, Panama, Spain and the Philippines. Miami International Airport Metropolitan Dade County is the owner of five separate airports within its boundaries. The responsibilities for their operation are assigned to the Dade County Aviation Department. Miami International Airport ranks 8th in the nation and loth in the world in the number of passengers using its facilities. It ranks 4th in the nation and Sth in the world in the movement of domestic and international air cargo. During 1985, airport services were provided to over 19 million domestic and international scheduled passengers. The airlines serving the Miami International Airport provide world-wide air routes convenient for importers and exporters. 34 7Ys23 F6466 1Revkw Flundal Printers, Mlunl, FL City of Miami —Preliminary Official Statement 41h Proof of 5/28/86 x 10+2 86 - 430i; The Airport's facilities include three runways, a 7,000 car parking complex, approximately two million square feet of warehouse and office space, and maintenance shops. Approximately 30,000 individuals are employed at the airport. In 1985 the Airport served 19.9 million passengers and handled 1.0 billion pounds of cargo. Previous years statistics are presented below: Passengers Year (000) Cargo (000's Ibs.) 1985 .......... 19,853 1,031,700 1984.......... 19,328 1,130,184 1983 .......... 19,322 1,184,526 1982.......... 19,388 1,246,700 1981.......... 19,849 1,170,009 1980.......... 20,507 1,130,800 1979.......... 19,628 1,066,313 1978.......... 16,501 1,026,593 1977.......... 13,736 987,998 1976.......... 12,884 808,791 Source: Dade County Aviation Department. Port of Miami The Port of Miami is owned by Metropolitan Dade County and is operated by the Dade County Seaport Department. From 1976 to 1985, the number of passengers sailing from the Port increased from 1,029,687 to 2,326,685, an increase of 126076. This increased growth highlights the Port's emergence as the world's leading cruise ship port. The Port of Miami specializes in unitized trailer and container cargo handling concepts. The most effective use of equipment and the Port's convenient location combine to make the Port the nation's leading export port to the Western Hemisphere. From 1976 to 1985 the total cargo handled increased from over 1.5 million tons to over 2.33 million tons, an increase of 53016. In 1979, details were completed for the expansion of the Port of Miami from 325 acres to 600 acres. The additional space is needed to accomodate the increasing number of shippers, buyers, importers, exporters, freight forwarders and cruise passengers who wish to conduct business through the Port. In 1985 the Port served 2.3 million passengers and handled 2.33 million tons of cargo. A summary of the growth in revenues, passengers and cargo for previous years is presented below: Year Revenues Passengers Cargo (Tonnage) 1985.......... 517,135,048 2,326,685 2,333,026 1984.......... 15,943,548 2,217,065 2,287,281 1983.......... 14,201,008 2,002,654 2,305,645 1982.......... 12,949,687 1,760,255 2,665,921 1981.......... 12,468,522 1,567,709 2,757,374 1980.......... 12,056,896 1,459,144 2,485,791 1979.......... 8,110,840 1,350,332 2,291,382 1978.......... 6,236,385 982,275 1,922,864 1977 .......... 5,374,978 978,016 1,711,535 1976.......... 4,956,670 1,029,687 1,525,095 Source: Dade County Seaport Department. 35 F6" Revkw Rosa W Printers, Miami, FL City of Miami —Preliminary Official Statement Stb Proof of 5/30/36 x 36+2 86 -436 L Demographic Data The following table indicates the distribution by age groups among the population of both Miami and Dade County residents. Age Group as a Percentage of Total Population 1980 Miami Dade Age Group Number Percentage Number Percentage 0-5 ............. 23,459 7% 113,544 7010 6-19 ............ 61,826 17% 330,738 20% 20-34 ............ 75,919 22% 374,276 23010 35-59 ............ 106,569 31To 471,351 29070 60-75 ............ 55,924 16010 230,136 14% 75 + ............. 23,168 7076 105,736 7010 p I 346,865 100010 1,625,781 100010 E Source: 1980 U.S. Census of Population and Housing. Retail Sales Although Miami contains 22 percent of the population of Dade County, almost half of the dollar value of sales transactions for the County are reported in the City. The following table presents five years of taxable sales information for Miami and Dade County. Taxable Gross Sales (000's) 1985 1984 1983 1982 1981 Miami ........... 5,900,000 $ 5,438,000 $ 5,214,000 $ 5,498,000 $ 5,296,400 Dade County ..... 13,500,000 12,223,000 11,664,000 12,040,000 12,114,000 Miami/Dade ...... 45010 45010 45% 46% 44% Source: Department of Revenue; State of Florida. 36 i TK:U F64" Review Fiaaacial Printen, Miami, FL City of Miami—Pmliminary Official Statement 4tb Proof of 5/29/86 x 10+2 86-43., Employment The tables below indicate the scope of employment throughout Miami and Dade County. Ten Largest Private Employers Greater Miami 1985 Type of Number of Name Business Employees Eastern Airlines ......................................... Airline 12,754 Southern Bell Telephone and Telegraph ..................... Utility 7,300 Burdines............................................... Department Store 6,065 University of Miami ..................................... University 5,200 Pan American World Airways ............................. Airlines 5,200 l Florida Power and Light .................................. Utility 51020 Southeast Banking Corporation/Southeast Bank N.A......... Bank 3,982 Miami Herald Publishing Company ........................ Newspaper 3,933 Publix................................................. Super Market 3,786 Winn Dixie Stores, Inc .................................... Super Market 3,400 Source: Industrial Development Authority of Dade County. Employed Persons by Industry Type 1980 Miami Percentage Dade County Percentage Agriculture, Forestry, Fishing, Mining ...................... 1,590 1076 14,850 2% - Construction ........................................... 11,150 7 44,560 6 Manufacturing ......................................... 27,070 17 103,970 14 Transportation, Communication, Public Utilities ............. 12,740 8 81,690 11 Wholesale Trade ........................................ 9,550 6 44,560 6 Retail Trade ............................................ 27,070 17 133,670 18 Finance,Insurance, Real Estate ............................ 11,140 7 59,410 8 Business and Repair Services .............................. 9,550 6 37,130 5 Personal Entertainment and Services ....................... 15,920 10 51,980 7 Health Services ......................................... 12,740 8 59,410 8 Educational Services ..................................... 7,960 5 44,560 6 Other Professional Services ............................... 6,370 4 37,130 5 Public Administration ................................... 6,360 4 29,710 4 Total .............................................. 159,210 100 742,630 100 Source: 1980 Census of the Population and Housing. 37 F6W tllevlew 0bwKW Priaten, Muni. FL City of Miami -Preliminary Official Statement 3rd Proof of 5/29/86 x 10+ 3 8f-43►; A# 0 t Unemployment Rates Annual Average 1985 1994 1993 1982 1981 Miami ................................... 9.201b 9.407o 12.0% 12.407o 7.8010 Dade County ............................. 7.5 7.7 9.8 10.1 6.8 U.S...................................... 7.2 7.5 9.6 9.9 7.6 Source: United States Department of Labor, Bureau of Labor Statistics. Housing The U.S. Census figures for 1980 show that the median value of owner occupied housing was $47,517 which is an increase of 17107o of the median value of $17,500 per owner occupied housing as outlined in the 1970 U.S. Census figures. The following tables detail the characteristic of housing by units in the City of Miami and Dade County. Values of Owner Occupied, Non -Condominium Housing Units 1980 Miami Percentage Dade Percentage Less than $25,000 ............ 3,690 11076 14,156 6010 25,000-39,999............ 8,283 25 43,732 18 40,000-49,999............ 6,326 19 39,978 17 50,000-79,999............ 11,012 33 81,130 35 80,000-99,999............ 1,684 5 21,211 9 100,000 and over ............ 2,462 7 34,658 15 Total ............... 33,457 100% 234,865 100% Median Value .......... $47,517 $57,200 Source: 1980 U.S. Census of the Population and Housing. Occupied Housing by Tenure 1970 Percentage 1990 Percentage Owner Occupied .............. 43,158 3607o 45,738 3407o Renter Occupied .............. 77,235 6407o 88,308 66 Total ................... 120,393 10007o 134,046 100010 Source: 1970 and 1980 U.S. Census of the Population and Housing. 38 Tlas F61K Review Fla MW Prialets, Mlaad, FL City of Miami—Preliminm Official Statement 6* Proof of 6/6/36 x is+2 8V-436. fi t Building Permits The dollar value of building permits issued in the City and Unincorporated Dade County since 1978 is as follows: Building Permits Issued (in 000's) City of Unincorporated Year Miami Dade County 1985............... $322,785 $ 864,862 1984............... 345,262 953,055 1983............... 299,941 903,706 1982............... 358,676 659,160 1981............... 532,205 901,676 1980............... 350,054 1,020,840 1979............... 201,667 963,144 1978............... 105,064 651,482 Source: City of Miami's Fire, Rescue and Inspection Services Department and Dade County Department ' of Building and Zoning. New residential construction in the City since 1978 has been estimated as follows: Number of Year Units 1985 ............... 603 1984 ............... I,018 1983 ............... 661 1982 ............... 1,753 1981 ............... 3,164 1980 ............... 2,188 1979 ............... 1,995 1978 ............... 1,319 Source: City of Miami's Fire, Rescue and Inspection Services Department. 49 Ti:u F"" WTIOW Fiaaadat Ptiaten, Mituat, FL City of Miami —Preliminary official Statement 41b Proof of 6/6/86 x is+ 2 C C, APPROVAL OF OFFICIAL STATEMENT The references, excerpts and summaries of all documents referred to herein do not purport to be complete statements of the provisions of such documents, and reference is directed to all such documents for full and complete statements of all matters of fact relating to the Bonds, the security for the payment of the Bonds and the rights and obligations of the holders thereof. Copies of such documents may be obtained =; from the City's Director of Finance at Coconut Grove Exhibition Hall, 3360 Pan American Drive, Miami, Florida 33133, telephone number (305) 579-6350, or from the Financial Advisor, James J. Lowrey & Co. ate" Incorporated, 180 Maiden Lane, New York, New York 10038, telephone number (212) 363-2000. The information contained in this Official Statement has been compiled from official and other sources deemed to be reliable, and is believed to be correct as of this date, but is not guaranteed as to =z accuracy or completeness by, and is not to be construed as a representation by, the Financial Advisor or the t Underwriters. Any statement made in this Official Statement involving matters of opinion or of estimates, whether or not so expressly stated, are set forth as such and not as representations of fact, and no representation is made that any of the estimates will be realized. The information and expressions of opinion herein are subject to change without notice and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the City of Miami since the date hereof. The execution of this Official Statement has been duly authorized by the Commission of the City of Miami. The City of Miami, Florida Mayor all TIK:27 F6166 Review FieancW Printer, Mlawl, FL City of Miami --Preliminary Official Statement 4t6 Proof of 6/6/116 x 18+2 Appendix A CITY OF MIAMI, FLORIDA FINANCIAL SECTION OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT (1) For the Fiscal Year Ended September 30, 1985 TABLE OF CONTENTS Report of Independent Certified Public Accountants ..................................... GENERAL PURPOSE FINANCIAL STATEMENTS Combined Balance Sheet —All Funds Types andAccount Groups............................................................ Combined Statement of Revenues, Expenditures and Changes in Fund Balances —All Governmental Fund Types and Expendable Trust Funds ................................................ Statement of Revenues, Expenditures and Changes in Fund Balance —Budget (Non-GAAP Budgetary Basis) and Actual --General Fund.......................................................... Combined Statement of Revenues, Expenditures and Changes in Fund Balances —Budget (GAPP Basis) and Actual —Special Revenue and Debt ServiceFunds.................................................................. Combined Statement of Revenues, Expenses and Changes in Fund Equity --All Proprietary Fund Types and Pension Trust Funds......................................................... Combined Statement of Changes in Financial Position —All Proprietary Fund Types and Pension Trust Funds......................................................... Notes to Financial Statements...................................................... Exhibit/ Schedule I II III (1) This report excludes the introductory and Statistical Sections which are part of the Comprehensive Annual Financial Report. IF6166 X**W F WWdd Prielent, Miami, FL City of Miami —Preliminary Official Statement 1 Proof of 5/28/86 x 19+2 8(; '43 a; A Ll TABLE OF CONTENTS (Continued) 6 SUPPLEMENTAL COMBINING AND INDIVIDUAL FUND STATEMENTS (Continued) Exhibit/ Schedule General Fund: Statement of Revenues, Expenditures and Changes in Fund Balance --Budget (Non-GAAP Budgetary Basis) and Actual ...................... A-1 Special Revenue Funds: Combining Balance Sheet ........................................................ B-1 Combining Statement of Revenues, Expenditures and Changes in Fund Balances .......... B-2 Combining Statement of Revenues, Expenditures and Changes in Fund Balances —Budget (GAAP Basis) and Actual —Miami Sports and Exhibition Authority, Downtown Development Authority, Federal Revenue Sharing, Rescue Services and Cable T.V. Special Revenue Funds .............................. B-3 Debt Service Funds: CombiningBalance Sheet ........................................................ C-1 Combining Statement of Revenues, Expenditures and Changes in Fund Balances .......... C-2 Combining Statement of Revenues, Expenditures and Changes in Fund Balances —Budget (GAAP Basis) and Actual -Debt Service Funds ..................... C-3 CapitalProjects Funds: ............................................................ Combining Balance Sheet ........................................................ D-1 Combining Statement of Revenues, Expenditures and Changes in Fund Balances .......... D-2 Enterprise Funds: CombiningBalance Sheet ........................................................ E-1 Combining Statement of Revenues, Expenses and Changes in Fund Equity ............... E-2 Combining Statement of Changes in Financial Position ............................... E-3 Internal Service Funds: CombiningBalance Sheet ........................................................ F-1 Combining Statement of Revenues, Expenses and Changes in Fund Equity ............... F-2 Combining Statement of Changes in Financial Position ............................... F-3 Trust and Agency Funds: CombiningBalance Sheet ........................................................ G-1 Combining Statement of Revenues, Expenditures and Changes in Fund Balances —Expendable Trust Funds ............................... G-2 Combining Statement of Revenues, Expenses and Changes in Fund Balances —Pension Trust Funds .................................. G-3 Combining Statement of Changes in Financial Position —Pension Trust Funds ............ G-4 F6W Review Flnaacial Printen. Mlamf, FL City of Miami —Preliminary Official Statement t Proof of 5/28/86 x 10+ 2 A €7 &Ly� rand The Honorable Mayor and City Commissioners City of Miami, Florida We have examined the general purpose financial state- ments of the City of Miami, Florida as of and for the year ended September 30, 1985, as listed in the foregoing Table of Contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. We did not examine the financial state- ments of the Department of Off -Street Parking of the City of Miami which statements reflect total assets and operating revenues constituting 17% and 40%, respectively, of the related combined totals of the Enterprise Funds. Those financial statements were examined by other auditors whose reports thereon have been furnished to us, and our opinion expressed herein, insofar as it relates to the amounts included for the Department of Off -Street Parking of the City of Miami, is based solely upon the reports of the other auditors. During 1985, the pension trust funds met the criteria under generally accepted accounting principles for inclusion in the general purpose financial statements of the City as part of the reporting entity as described in Note 14(a) thereto. In our opinion, based upon our examination and the reports of other auditors, the general purpose financial statements referred to above present fairly the financial position of the City of Miami, Florida at September 30, 1985 and the results of its operations and the changes in finan- certified public accountants A-1 cial position of its proprietary fund types and pension trust funds for the year then ended, in conformity with general accepted accounting principles applied on a basis consis- tent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund state- ments listed in the Table of Contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Miami, Florida. The information in the combining and indi- vidual fund statements has been subjected to the auditing procedures applied in the examination of the general pur- pose financial statements and, in our opinion, based upon our examination and the reports of other auditors, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. Certain 1984 data included in the accompanying sup- plementary information were contained in the City's certi- fied annual financial report for the year ended September 30, 1984, and are included for comparative purposes only. Miami, Florida December 27, 1985 TKO F6466 RsvWw Flaudil Prior: . Mhuai, FL City of Miami --Preliminary Official Statement lot Proof of 5/2=/66 x 19+2 86 -4361 11111V �t� W M H W9 ik EXHIBIT I CITY OF MIAMI, FLORIDA COMBINED BALANCE SHEET —ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1985 Fiduciary Fund Account Groups Governmental Fund Types Proprietary Fund Types Types General Fixed General Long -Term Totals (Memorandum General Special Revenue Debt Capital Internal Service Projects Enterprise Service Trust and Agency Assets Debt Only) ASSETS Equity in pooled cash and investments(Note2(E)) $15,9t1,362 $ 3,356.978 $9,203,060 $68,269,138 $ 124,154 $10,864,981 $ 13,739,986 $ — $ — — — $ 121,469,659 10,552,193 .............. Cash and cash equivalents ....... ..... — 5,042,835 — — 4,257,977 — 1,251,381 Pension investments, including 302,049,272 — — 302,049,272 accrued interest (Note 4) ......... . — — — Receivables, net of allowance for doubtful accounts of $10.138,152: — — — — 4.193,049 Taxes ........... ............. 3,310,853 2,347,060 468,309 104,913 413,887 — — — 2,826,159 1,252,577 — 12 794 6.543,503 414,730 Accounts .......... .. .. . Assessment liens, net (Note 2(C)) .... — — 414.730 — — _ — 298,047 2,298,047 — — — — 2,298.047 Proceeds from securities sold ...... — — — _ — — — — 683.573 Pension members' contributions ..... — _ 172.600 — — 2.683.573 — — 3,513,933 Due from other funds (Note 5) ........... 800,922 3,653 — — 1,280,965 263,441 — — — 5,110,178 Due from other governments (Note 6) .... 33.883 3,531.889 — 110,795 808-3t5 — — — 919.110 Inventories (Note 2(G)) . ... .. — 68,145 3,026 — 2,490 58,765 967,286 31,406 — — 1,131,118 other .................. .... .. N Restricted Assets (Note 8): Cash and investments with fiscal agent — 253.395 — 14.153.599 — — — — 14,406.994 including accrued interest .... .. .. — Property, plant and equipment, net — — — 126.931.493 15.177.661 — 300,343,226 — 442.452,380 (Notes 2 and 7) ....... ....... — Bond issuance costs, net — — — 2.410.506 — — — — 2.410.506 (Note 2(J)) .. — Deterred compensation plan assets — — — 6,476,982 — — 6.476.982 (Note 14)...................— Amount available in Debt Service Funds: — — — 4,553.376 4.553.376 General obligation bonds . ..... — — _ _ _ — — — 253.395 253,395 Special obligation bonds (Note 10) ...... — — Amount available in Sell Insurance Fund — — — — 4.492,186 4,492,186 for claims payable .......... ....... — — — Amount to be provided for retirement of general long-term debt: — — — — — 170.086,624 t70,086,62a General obligation bonds .... .... — — — Special obligation bonds and — — — — 4,826.405 4.826,405 other payables ......... ....... — — — — _ — — 12.519.202 12,519,202 Accrued compensated absences ...... — — — _ — — .— — 19.567,814 19,567.814 Claims payable .................. — $22,472,225 — — $10,287,562 572,607,627 $150,471,828 E26.850,957 $329,080,199 $300.343.226 $216,299,002 $1.140.924,229 $12,511,603 Total assets ................. (Continued) E. ai m I CITY OF MIAMI, FLORIDA COMBINED BALANCE SHEET —ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1985 fiduciary Fund Account Groups Governmental Fund Types Proprietary Fund Types Types General General SpecW Deb! CapIw Intone! Trust and Fixed long -Term General Revenue Service s Enterprise Service Agency Assets Debt UABIUTIES Vouchers and accounts payable ................ S 3.789.524 $ 612,975 S — $ 3,215,622 $ 984,934 $ 775.423 S 1.076,771 $ — $ — Payable for securities purchased ............... — — — — — — 3,212,690 — — Accrued expenses (Note 2(H))................. 2,603,103 19,616 — 1,234 150.201 455.360 — — 12,519,202 Due to other funds (Note 5) .................... 3.653 973.522 — — — — 2,536.758 — — Deterred revenue ........................... 1,241,978 — — — 637,027 — — — — Deposits (Note 9) ........................... 462,700 286,535 — — 122.321 — 2,001,875 — — Claims payable (Notes 8 and 12) ................ — — — — — — 1,873,632 — 24,060.000 Matured bands and Interest payable (Note 8) ...... — — 4,162,408 — — — — — — Payable from restricted assets: Construction contracts ..................... — — — — 15,350 — — — — Accrued interest .......................... — — — — 2.254.070 — — — — Current portion of revenue bonds payable ....... — — — — 160,000 — — — — Revenue bonds payable --net of current portion (Note 8) .......................... — — — — 71,739,641 — — — — Generat obligation bonds payable (Note 8) ......... — — — — — — — — 174.640,000 Special obligation bonds payable (Note 8) ......... — — — — 13,318,994 — — — 450.000 Deferred compensation plan liabilities (Note 14) ....... — — — — — — 6,476.982 — — Other payables (Note 8) ...................... — — 8,414 — 1,769 — — — 4,629,800 Y Total liabilities ......................... 8.100,958 1,892,648 4,170,822 3,216,856 89,384,307 1.230,783 17.178,708 — 216,299,002 w FUND EOUITV Contributed capital .......................... — — — — 58.539,751 8,955.098 — — Investment in general fixed assets .............. — — — — — — — 300,343,226 — Retained earnings (Note 10) ................... — — — — 2,547,770 16,665,076 — — — Fund balances: Reserved for: Employee retirement plan benefits .......... — — — — — — 305.493.972 — — Encumbrances ...................... .. 1,832,480 — — 9,732.703 — — — — — Debtservice ........................... — — 253.395 — — — — — Traffic -related expenditures ............... 300,000 — — — — — — — — Unreserved: Designated for hurricane loss ................ — — — — — — 500,000 — — Destgnated for pension related expenditures (Note 14) ................... — — — — — — 1,415,333 — — Designated for claims payment ............... — — — — — — 4,492.186 — — Designated for subsequent year's expenditures and approved projects......... 6,500,000 220,000 1,762,711 59,658,068 — — — — — Undesignated ............................ 5.738,787 10,398,955 4,100.634 — — — — — — Total retained earnings/fund balances 14,371,267 10,618,955 6,116.740 69,390,771 2,547.770 16,665,076 311,901,491 — — Totalfundequity ...................... 14.371,267 10,618,955 6.116,740 69,390,771 61,087,521 25,620.174 311.901,491 300,343.226 — Commitments and contingent liabilities (Notes 12, 14, 15 and 16) EXHIBIT I (Continued) Totals (Memera dum $ 10,455,249 3.212,690 15,748,716 3.513,933 1,879,005 2,873,431 25,933,632 4,162,408 15.350 2.254.070 160.000 71.739,641 174.640,000 13,768.994 6,476.982 4.639.983 341,474,084 67,494.849 300,343.226 19,212.846 305,493,972 11.565.183 253,395 300,000 500,000 1,415,333 4,492.186 68,140,779 20,238,376 431,612,070 799,450,145 Total liabilities and fund equity ........... $22,472.225 $12.511.603 $10,287.562 $72,607,627 $150,471,828 $26,850.957 $329,080,199 $300,343,226 $216,299.002 $1,140,924,229 See accompanying notes to financial statements. y 0 0 TK:11 EXHIBIT II CITY OF MIAM1, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS YEAR ENDED SEPTEMBER 30, 1985 Governmental Fund Types Special Debt Capital Expendable Total General Revenue Service Projects Trust (Memorandum Only) Revenues: Taxes (Note 3) Licenses and permits Intergovernmental ..... . . . Intragovernmental .. ... . Charges for services ... Contributions from employees and retirees Assessment lien collections . Interest ...... Other.... . Total revenues .. . . Expenditures Current: General government . . Public safety ...... . Public improvements Solid waste ... Culture and recreation Grants and related expenditures Contributions to pension funds (Note 14) Insurance-.. ... . Economic development .. .. . Claims payments Other Debt service: Principal retirement (Note 8) .. . . Interest and fiscal charges . Capital outlay ..... .... Total expenditures . . . Excess (deficiency) of revenues over expenditures .. ..... Other financing sources (uses): Operating transfers in (Note 11) ... Operating transfers out (Note 11) ... . Debt proceeds (Note 8) ........... . Debt retirement (Note 8) .... Total other financing sources (uses) .... Excess (deficiency) of revenues and other financing sources over expenditures and other uses . . . Fund balances at beginning of year . . Equity transfers to other funds (Note 11) Equity transfers from other funds (Note 11) . . Fund balances at end of year .. .. . .... . $100.281,696 $ 7.088.127 $41,278,253 $ — $ — $148,648,076 6,041,021 — — — — 6,041,021 26,273,287 22,854,205 — 2,474.699 3.771,349 55,373,540 2,798,824 — — — 22,465,259 25,264,083 17.633,733 — — — — 17,633.733 — — — — 7,527,220 7.527.220 — 2,799.998 — — 2.799,998 2.717.703 894,512 1,357,076 6.727,390 783.533 12,480,214 384.049 1,117,739 — 374,579 439,428 2,315,795 156,130,313 31,954,583 45,435,327 9,576,668 34,986,789 278,083,680 17,699,362 — — — — 17,699,362 99,680,993 1,818,707 — — — 101,499,700 14,973,135 — — — — 14,973.135 22,801,942 — — — — 22,801,942 8,651,374 — — — — 8,651,374 — 14,808,811 — — — 14.808,811 — — — — 24,255,306 24,255,306 — — — — 1,824,789 1,824,789 — 945,324 — — — 945,324 — — — — 10,325,051 10,325,051 14,575,036 1,199.381 20,789 — 3,110,828 18.906,034 — — 10,160.000 — — 10,160,000 12.558,002 — — 12,558,002 132,263 — — 27,402,972 — 27,535,235 178,514,105 18,772,223 22,738,791 27,402.972 39,515,974 286,944,065 (22,383,792) 13,182,360 22,696,536 (17.826,304) (4,529,185) (8,860.385) 30,750,042 1,912,425 — 9.360,066 — 42,022,533 (3,290,586) (12,445,649) (22,400,225) (7,267.925) — (45,404,385) — — 12,000.000 33,000,000 — 45,000,000 — -- (12.000.000) — — (12,000,000) 27,459,456 (10,533,224) (22,400,225) 35.092,141 — 29,618,148 5,075,664 2,649,136 296,311 17.265,837 (4,529,185) 20,757,763 9,548,849 8.266,357 5.820,429 51,957,274 10.936,704 86,529,613 (267,529) (296.538) — (61,948) — (626,015) 14,283 -- — 229.608 — 243,891 S 14,371.267 $10,618.955 $ 6,116,740 $69.390,771 $6,407,519 $106.905,252 See accompanying notes to financial statements F616i Review Fh u w Prblees, MANW, FL A-4 City of Miami —Preliminary Official Statement 10Peoot of $/2V86 X 18+2 SG -436" TKAI EXHIBIT III CITY OF MIAMI, FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE —BUDGET (NON•GAAP BUDGETARY BASIS) AND ACTUAL —GENERAL FUND YEAR ENDED SEPTEMBER 30, 1985 Revenues: Taxes ......... .... . Licenses and permits ....................... ........ . Intergovernmental ........... .... . Intragovernmental ................ .... . . ... .. . Charges for services ........ I ...... ..... .. .... .. Interest . ...... Other...................... ......I... L ............ Total revenues ................. . Expenditures: Current: General government .......... ......... Public safety ...................... ... Public improvements ...... ... ... Solid waste .......... .. ........ ... . .. ...... . Culture and recreation ....... ..... Other ................. Total expenditures .............. . Excess (deficiency) of revenues over expenditures . . Other financing sources (uses): Operating transfers in .... ....... ....... . ...... .. . Operating transfers out .............. .. . Total other financing sources (uses) . Excess (deficiency) of revenues and other financing sources over expenditures and other uses ...... Fund balance at beginning of year .......................... . Equity transfers to other funds ............. ... ...... . Equity transfers from other funds ......... Fund balance at end of year ................. ... . General Fund Vadar" Favorable Budget Actual (Unfavorable) $ 97,970,616 $100,281,696 $ 2,311,080 5,991,142 6,041,021 49,879 24,933,241 26,273,287 1,340,046 2,690,000 2,798,824 108,824 17, 529, 376 17, 633, 733 104,357 2,000,000 2,717,703 717,703 50,500 384,049 333,549 151,164,875 156,130,313 4,965,438 18, 525, 580 100,593,159 16,821,125 23,431,169 8,810,258 14,958,621 183,139,912 (31.975.037) 30,618,349 (3,443,312) 27,175,037 $ (4,800,000) See accompanying notes to financial statements A-5 17,704,362 99,284,969 14,969,463 22,830,100 8,669.148 14,718,373 178,176,415 (22,046.102) 30,750,042 (3,290,586) 27,459,456 5,413,354 7,378,679 (267,529) 14,283 $ 12.538,787 821,218 1.308,190 1,851.662 601,069 141,110 240,248 4,963,497 9,928,935 131,693 152,726 284,419 $10,213,354 F646 iiDr*w Fluawlial Prbtem Mlaml, FL City of Miami —Preliminary Official Statement lat Proot of 5/28/66 x 10+2 86 -4360, I ON EXHIBIT IV CITY OF MIAMI, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES —BUDGET (GAAP BASIS) AND ACTUAL SPECIAL REVENUE AND DEBT SERVICE FUNDS YEAR ENDED SEPTEMBER 30, 1985 Special Revenue (1) Debt Service Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Revenues: Property taxes ........... $ 337,477 $ 335,566 $ (1,911) $39,908.040 $41,278,253 $ 1.370,213 Business and excise taxes .... 2,590.835 6,752,561 4,161,726 — — — Intergovernmental .......... 8,955,090 8,843,646 (111,444) — — — Assessment lien collections . — — — 2,500,000 2,799,998 299,998 Interest ................. . — 530,178 530,178 1,000,000 1,357,076 357,076 Other ................ . .. 13,684 74,949 61,265 — — — Total revenues ... .... 11,897,086 16,536,900 4,639,814 43,408,040 45,435,327 2,027,287 Expenditures: Public safety ............... 1,813,906 1,818,707 (4,801) — — — Economic development ...... 1,157,256 945,324 211,932 — — — Principai retirement: Long-term debt ........... — — — 10,165,000 10,160,000 5,000 Interest and fiscal charges .... — — — 12,883,815 12,558,002 325,813 Other ..................... 1,987.858 1,199,381 788,477 65,500 20.789 44,711 Total expenditures ..... 4,959,020 3,963,412 995,608 23,114,315 22,738,791 375,524 Excess (deficiency) of revenues over expenditures .... 6,938,066 12,573,488 5,635,422 20,293,725 22,696,536 2,402,811 Other financing sources (uses): Operating transfers in ........ 1,333,601 1,283,529 (50,072) — — — Operating transfers out ....... (8,921,090) (8,921,088) 2 (22,400,225) (22,400,225) — Debt proceeds .... ........ — — — — 12,000,000 12,000.000 Debt retirement ............. — — — — (12.000,000) (12,000,000) Total other financing sources (uses) ...... (7,587,489) (7,637,559) (50,070) (22,400.225) (22,400,225) — Excess (deficiency) of revenues and other financing sources over expenditures and other uses ..... (649,423) 4,935,929 5,585,352 (2,106,500) 296,311 2,402,811 Fund balances at beginning of year .......... 4,319,418 4,319.418 — 5,820,429 5,820,429 — Fund balances at end of year .... $ 3,669,995 $ 9,255.347 $5,585,352 $ 3.713,929 $ 6,116.740 $ 2.402,811 See accompanying notes to financial statements. (1) Does not include funds for which budgets have not been adopted. See Note 2(D) (5) A-6 ;13 F6466 Review Flssisciai Pfisten, Miami, FL City of Miami —Preliminary Official Statement la Ptoof of 5/211/66 X 10+ 2 TK 8G-436: OIN 0 TK:14 CITY OF MIAMI, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND EQUITY ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS YEAR ENDED SEPTEMBER 30, 1985 Proprietary Fund Types Internal Pension Enterprise Service Trust Funds Operating revenues: Charges for services Contributions from employers . Contributions from employees and retirees . . Net gain on sales of investments Interest and dividends . Total .. Operating expenses: Personal services . . Contractual services . Materials and supplies . Benefit payments .... . Refunds ... Utilities . . . Intragovernmental charges .. . Other . Total .. . Operating income before depreciation expense Depreciation expense ... . Operating income (loss) . Nonoperating revenues (expenses): EXHIBIT V Total (Memorandum Only) $18,954,363 $17.799,209 $ — $ 36,753.572 20,859,599 20.859.599 18.954.363 17,799,209 5,174,561 7,190,566 4,641, 081 1,189,126 924,014 3,591,907 1,098,426 1,785,293 967.583 — 1,314,538 600,048 14,120, 203 14,356.940 4,834,160 3.442,269 3,543,872 2,454,040 1,290,288 988,229 Interest ..... ... .. 2,074,621 836,066 Interest and fiscal charges .. _ (7,850,741) — Other .... (57,696) 708,206 Net nonoperating revenues (expenses) (5,833,816) 1,544,272 Income (loss) before operating transfers (4,543,528) 2,532,501 Operating transfers in (Note 11) 5,381.079 375,913 Operating transfers out (Note 11) (1,999,227) (375,913) Net operating transfers 3,381,852 — Income (loss) before extraordinary item (1,161,676) 2,532,501 Extraordinary Item —loss on debt refinancing (2,468,039) — Net income (loss) .. .. (3,629,715) 2,532,501 Retained earnings/fund balances at beginning of year 5,932,246 14,133,905 Equity transfers from (to) other funds ... 245,239 (1,330) Retained earnings/fund balances at end of year 2,547,770 16.665,076 Contributed capital at beginning of year 56,015,845 8.800,795 Contributions from other governments 418,441 — Contributions from other funds (Note 11) 2,105,465 154.303 Contributed capital at end of year ... .. 58,539,751 8,955.098 Total fund equity ... ..... .... $61,087,521 $25,620,174 See accompanying notes to financial statements A-7 9,712.085 14,614,803 20,789,919 65,976,406 605,552 20,206.700 1,419,762 22,232,014 43,744,392 43,744,392 7,500 7,500 43,751.892 43,751,892 43,751.892 261,742,080 305,493,972 $305.493,972 9, 712, 085 14,614,803 20,789,919 102,729.978 12,970,679 5,830,207 4.515,921 20.206,700 1,419,762 2.883, 719 967,583 1,914,586 50,709,157 52,020,821 5,997,912 46,022,909 2,910,687 (7,850,741) 658,010 (4,282,044) 41,740,865 5,756,992 (2,375.140) 3,381,852 45,122,717 (2,468,039) 42.654,678 281,808,231 243,909 324.706,818 64.816,640 418.441 2,259,768 67,494,849 $392,201,667 F406 ha llow F1aweW Pdaideaa, Mural, FL City of Miami —Preliminary Official Statement 1oa Proof o(S/2d/86 x tat 2 W-43 , i eN TK:15 0 CITY OF MIAMI, FLORIDA COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS YEAR ENDED SEPTEM13ER 30, 1985 Proprietary Fund Types Internal Pension Enterprise Service Trust Funds Working capital provided by: Operations: Income (loss) before extraordinary item ... . .. ... . Items not requiring current outlays of working capital: Depreciation and amortization ......... ....... . Loss on dispositions of property, plant and equipment . ..... .. ... Total provided by operations before extraordinary Item ............... .. .. . Extraordinary item —loss on debt refinancing .......................... ....... Total provided by operations .... ..... ..... Other: Decrease in restricted accounts .. ...... .. . Contributions and equity transfers, net ... .... Proceeds from long-term debt .. ........ . Total .................... Working capital applied: Additions of property, plant and equipment, net ..... Reduction of revenue bonds payable, net .. ...... . Increase in bond discount ............... . Decrease in other liabilities ................. ..... . Increase in other assets, net ........... ... . ... Total ................. Increase In working capital ................. Summary of increases (decreases) in working capital: EXHIBIT VI Total (Memorandum Only) $ (1,161,676) $2,532,501 $43,751,892 $45,122,717 3,895,602 2,454,040 — 184,700 539,472 — 2,918,626 5,526,013 43,751,892 (2,468,039) — — 450,587 5,526,013 43,751,892 1,532,302 — — 2,769,145 152,973 — 13,720,000 — — 18,472,034 5,678,986 43,751,892 4,440,725 3,345,449 10,522,000 — 222,921 — 8,359 — 331,440 — 15,525,445 3,345,449 $ 2,946,589 $2,333,537 Cash and investments ................. .. .... $ 2,725,832 $2,231,564 Pension investments ................ — — Accounts receivable, net ....... ....... ........ 332,524 — Due from other governments ........... .. .. ... (1,136,165) — Inventories ................................. (4,099) 90,705 Prepaid expenses ...................... . . 292,377 — Accounts payable and accrued expenses ........ .... 558,651 11,268 Due tolfrom other funds .... ..................... — — Deposits refundable ................. ........... (19,352) — Payable for securities purchased ................... — — Deferred revenue .................... .... ... .. 196,821 — Increase in working capital ............ .... ..... . $ 2,946,589 $2,333,537 See accompanying notes to financial statements. A-8 F6W Review Flestrciit! Prurient, Miami, FL City of Miami —Preliminary Official Statement $43, 751.892 $ 902,434 41,276,663 (3,340,953) (16,362) 2,536,758 2.393,352 $43.7,91,892 6,349,642 724.172 52,196,531 (2,468,039) 49,728,492 1,532,302 2,922,118 13.720,000 67,902,912 7,786,174 10,522,000 222,921 8,359 331,440 18,870,894 $49,032,018 $ 5,859,830 41,276,663 (3,008,429) (1,136,165) 86,606 292,377 553,557 2,536,758 (19.352) 2,393.352 196.821 $49,032,018 1st Proof of 5/28/36 x 10+2 86-436 P1 4 CiTY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1985 1) GENERAL DESCRIPTION The City of Miami, in the County of Dade, was incorporated in 1896, and comprises approximately 34 square miles of land and 20 square miles of water. The City operates under the Commission/City Manager form of government and provides the following services as authorized by its charter: public safety, public works, solid waste, parks and recreation, and community development. The County is a separate governmental entity and its financial statements are not included in this report. The Florida Legislature, in 1955, approved and submitted to a general election a constitutional amendment designed to give a new form of government to the County of Dade. The County is, in effect, a municipality with governmental powers effective upon twenty-seven cities and unincorporated areas, including the City of Miami. It has not displaced or replaced the cities, but supplements them. The County can take over particular activities of the City's operations (1) if the services fall below minimum standards set by the County Commission, or (2) with the consent of the governing body of the City. Since its inception, the Metropolitan County Government has assumed responsibility on a county -wide service basis for a number of functions, including county -wide police services, complementing the municipal police service; uniform system of fire protection, complementing the municipal fire protection; consolidated two-tier court system; consolidation of water and sewer services; coordination of the various surface transportation programs; installation of a central traffic control computer system; merging all public transportation systems into a county system; effecting a combined public library system; and centralization of the property appraiser and tax collector functions. 2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND REPORTING PRACTICES The accounting policies of the City of Miami, Florida conform to generally accepted accounting principles as applicable to governments. The following is a summary of the more significant policies: (A) Basis of Presentation The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self - balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various TKAG TK:17 F6166 ' llinkw Finalist Pdaten, I+rtiaati. FL funds are grouped by type in the financial statements into seven generic fund types and three broad fund categories. The following fund types and account groups are used by the City. GOVERNMENTAL FUNDS Governmental funds are those through which most governmental functions of the City are financed. The acquisition, use, and balances of the City's expendable financial resources and the related current liabilities (except those accounted for in proprietary funds) are accounted for through governmental funds. The measurement focus is upon determination of financial position and changes in financial position, rather than upon net income determination. The following are the City's governmental fund types: General Fund —The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds —Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special assessments, expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. Debt Service Funds —Debt Service Funds are used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest and related costs. Capital Projects Funds —Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds). Prior to 1985, separate Capital Projects subfunds were maintained to account for project expenditures funded by general obligation bond proceeds, and expenditures for projects with multiple funding sources were accounted for in a single Capital Improvement Fund. Effective October 1, 1984, the City reclassified its capital projects into separate subfunds according to purpose and intended use of the capital facilities under construction: street improvements/traffic related, culture and recreation, municipal use, public use and sewers. PROPRIETARY FUNDS Proprietary Funds are used to account for a City's organizations and activities which are similar to those often found in the private sector. This means that all assets, liabilities, equities, revenues, expenses and transfers related to the City's business activities —where net income and capital maintenance are measured — are accounted for through proprietary funds. The A-9 City of Miami —Preliminary Official Statement ' 1st Proof of S/U/86 x 10+2 86 -436', rN measurement focus is upon determination of net income, financial position, and changes In financial position. Enterprise Funds —Enterprise Funds are used to account for operations: (1) that are financed and operated In a manner similar to private business enterprises —where the interest of the City Is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (2) where the City has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. Certain Enterprise Funds have historically operated at a loss and have required operating subsidies from the General Fund. If future operations are not sufficient to offset these deficits, the City will continue to support these activities from the General Fund or other discretionary funds (see Notes 13 and 15). During 1985, the City established the Property and Lease Management Enterprise Fund to account for the rent and lease of City -owned property by private businesses. Internal Service Funds —Internal Service Funds are used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the City, or to other governments, on a cost -reimbursement basis. Where capital replacements are necessary, particularly in the City Garage and Motor Pool Internal Service Funds, user charges include an amount necessary to provide for replacement of equipment. Substantially all excess funds are committed to the City's vehicle replacement program. FIDUCIARY FUNDS Trust and Agency Funds —Trust and Agency Funds are used to account for assets held by the City in a Trustee capacity or as an agent for individuals, private organizations, other governments, and/or other funds. These include Expendable Trust, Pension Trust, and Agency Funds. Pension Trust Funds are accounted for in essentially the same manner as proprietary funds since capital maintenance is critical. The City's Expendable Trust Funds (Self -Insurance and Pension Administration) are accounted for in essentially the same manner as Governmental Funds. The City's Agency fund is custodial in nature (assets equal liabilities) and used to account for deposits held under issuance of a Cable T. V. license. ACCOUNT GROUPS Account Groups are used to establish accounting control and accountability for the City's general fixed assets and the unmatured principal of its general long- term obligations. The two accounts are not funds. They do not reflect available financial resources and related liabilities —but are accounting records of the general fixed assets and general long-term obligations. General Fixed Assets —This account group is used to account for all fixed assets of the City, other than 4 those accounted for in the enterprise funds and internal service funds. General Long -Term Debt —This account group is used to account for the long-term portion of claims payable, accrued compensated absences, lease purchase obligations and outstanding principal balances of long- term debt, other than revenue and special obligation bonds payable recorded in the enterprise funds. (B) Financial Reporting Entity For financial reporting purposes, the City includes those funds, account groups, agencies, boards, commissions, and authorities that are generally controlled by or dependent on the City. Control by or dependence on the City is determined on the basis of such factors as budget adoption, taxing authority, outstanding debt secured by revenues or general obligations of the City, obligation of the City to finance any deficits that may occur or receipt of significant subsidies from the City. Based upon the foregoing criteria, the following organizations are included in the financial statements of the City: • Downtown Development Authority (Special Revenue) • Miami Sports and Exhibition Authority (Special Revenue) • Department of Off -Street Parking (Enterprise) • City of Miami Firefighters' and Police Officers' Retirement Trust (Pension Trust) • City of Miami General Employees' and Sanitation Employees' Retirement Trust (Pension Trust) As more fully described in Note 14, certain pension litigation and related matters were resolved in 1985 resulting in the pension trust funds sponsored by the City meeting the criteria for inclusion in the City's financial statements as part of the reporting entity, whereas they were previously excluded. (C) Basis of Accounting Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. Alf Governmental Funds and Expendable Trust Funds are accounted for using the modified accrual basis of accounting. Their revenues are recognized in the period in which they become susceptible to accrual —that is, when they become measurable and available to pay liabilities of the current period. Ad Valorem taxes, fines and forfeitures, and charges for services are susceptible to accrual when collected in the current year or within 60 days subsequent to September 30th, provided that amounts received pertained to billings through the fiscal year just ended. Occupational licenses revenues collected in advance of periods to which they relate are recorded as deferred revenues. Utility service taxes, franchise taxes, licenses and permits are susceptible to accrual when collected in the current year by the City or by an intermediary government serving as collection agent. Investment earnings are recorded as revenue when earned since they are measurable and A-10 TKAS' F&I" Review Fluadaf Pristaa, Mhmi, FL City of Miami —Preliminary Official Statement lot Proof of 5/23/1%x 10+2 86 —436 E available. Where grants revenue is dependent upon expenditures by the City, revenue is accrued as obligations are incurred. The local option gas tax collections of approximately $2,784,000 in 1985 were recognized as General Fund revenue whereas in 1984 the tax was recorded in a separate Special Revenue Fund. Unexpended 1984 tax revenues of approximately $2,997,000 were transferred to the General Fund in 1985 to fund traffic related expenditures. Special assessments are considered susceptible to accrual when collected in the current year or within 60 days subsequent to September 30th, provided that amounts received pertain to liens assessed prior to the end of the current fiscal year. The special assessment receivables at year-end of $8,705,534, of which $559,000 are delinquent, are shown net of deferred revenues of $8,290,804 to more appropriately reflect current amounts available for debt service. Special assessments are recorded in the general obligation bonds debt service fund since they represent only a partial reimbursement of costs incurred in certain capital projects financed with general obligation bonds. The City does not issue special assessment bonds. Expenditures under the modified accrual basis of accounting are generally recognized when the related fund liability is incurred and expected to be liquidated with available resources. Exceptions to this general rule include principal and interest on general long- term debt which are recognized when due. All Proprietary and Pension Trust Funds are accounted for using the accrual basis of accounting. Their revenues are recognized when they are earned, and their expenses are recognized when they are incurred. The Agency Fund is custodial in nature and does not involve measurement of results of operations. It is accounted for under the modified accrual basis of accounting. Assets and liabilities are recognized when they occur regardless of the timing of related cash flows. (D) Budgets and Budgetary Accounting The City follows these procedures in establishing the budgetary data reflected in the financial statements: (1) Prior to August 31st, the City Manager submits to the City Commission a proposed operating budget for the fiscal year commencing the following October 1st. The operating budget includes proposed expenditures and the means of financing them. Budgetary control over expenditures is exercised on a departmental basis. (2) Public hearings are conducted to obtain taxpayer comments. (3) Prior to October 1st, the budget is legally enacted through passage of an ordinance. (4) Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, Is employed In the General and Capital Projects A-11 Funds. On a non-GAAP budgetary basis, encumbrances are recorded as expenditures of the current year. On a GAAP basis, encumbrances outstanding at year-end are reported as reservations of fund balance since they do not constitute expenditures or liabilities. (5) Annual operating budgets for the General, Special Revenue and Debt Service Funds are adopted on a basis substantially consistent with generally accepted accounting principles (GAAP) except that budgetary comparisons for the General Fund Include encumbrances as expenditures. Adjustments necessary to compare the results of operations in the General Fund on a GAAP basis to that on a Non-GAAP budgetary basis for the year ended September 30, 1985 are as follows: Excess of Revenues and Other Financing Fund Sources Over Balance Expenditures September and Other Uses 30, 1986 GAAP Basis $ 5,075,664 $14,371.267 Less encumbrances at September 30, 1985 (1,832,480) (1,832.480) Plus encumbrances at September 30, 1984 2,170,170 — Non-GAAP Budgetary Basis $ 5,413,354 $12,538,787 For 1985, the City did not adopt annual operating budgets for the Community Development and Miscellaneous Other Special Revenue Funds; accordingly, the applicable columns of the combined statement of revenues, expenditures, and changes in fund balances —budget and actual (Exhibit IV) exclude amounts relating to the unbudgeted funds. Actual revenues exceeded budget in 1985 for the Miami Sports and Exhibition Authority Special Revenue fund by approximately $5,233,000. During 1985, the Florida Supreme Court issued a ruling which permitted the distribution of the 3% Convention Development Tax levied in Dade County which had been withheld since 1983. The total convention development tax distributed to the Authority in 1985 was approximately $5,519,000. The Authority's approved annual budget had approximated revenues sufficient only to cover the budgeted administrative expenditures of approximately $439,000. The remaining tax proceeds are intended to provide funding for the acquisition and/or construction of convention/arena/exhibition center facilities. (see Notes 15 and 16). Budgeted revenues in the Cable T.V. Special Revenue Fund exceeded actual revenues in 1985 by approximately $534,000. This varience is primarily due to the withholding of $900,000 in franchise fees by the City's Cable T.V. franchisee. The dispute over the franchise fees arose from differing TK.19 F6"6 litevlew FieaecW Priatea, MliuM, FL City of Miami —Preliminary Official Statement 1s1Prootot S/28/>!6 x 18+2 8f -43+rk , Interpretations as to the applicability of certain provisions of the Cable Communications Act of 1984 concerning prepayments in prior periods. (6) Generally, the Commission and City Manager may transfer among departments any part of an unencumbered balance of an appropriation to a purpose or object for which an appropriation for the current year has proved insufficient. At the close of each fiscal year, the unencumbered balance of each appropriation reverts to the fund from which it was appropriated and shall be subject to future appropriations. Budgeted amounts presented in the accompany- ing financial statements are as originally adopted, or as amended by the City Commission and City Manager through the year. (E) Pooled Cash and Investments The City maintains an accounting system in which substantially all cash, Investments and accrued interest are recorded and maintained in a separate group of accounts. All such cash and investments, including accrued interest, are reflected as pooled cash and investments. Investments are stated at cost or amor- tized cost, which approximates market. All investments consist of U.S. government obligations and time depos- its with approved financial institutions. At September 30, 1985, accrued interest on pooled investments amounted to approximately $2,426,000. Interest income is allocated based upon the approximate proportionate balances of each fund's equity in pooled cash and investments. No Interest is charged to funds having deficit balances. Not included in this pooled cash sys- tem are the cash, cash equivalents and investments held by the Miami Sports and Exhibition Authority, ($4,892,901) the Downtown Development Authority ($149,934), the Department of Off -Street Parking ($4,257,977), and The Pension Trust Funds ($303,300,653). (il Pension Investments Pension investments are carried at cost. Debt securi- ties are adjusted for amortization of premiums and discounts. Premiums and discounts are amortized using the straight-line basis over the life of the investment. Approximate market values of investments are deter- mined as follows: Securities traded on a national secu- rities exchange are valued at the last reported sales price on the last business day of the fiscal year: securi- ties traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last reported bid price: commercial paper, money market funds and time deposits are val- ued at cost which approximates market; mortgages are valued based on current market yield, and rental property is valued at the purchase option price. Investment policy is determined by the Boards of Trus- tees and is implemented by outside investment advi- sors. Investment advisors use the following guidelines: (1) Unlimited Investments in bonds, notes or other obli- gations of the United States Government and its agencies and in bank certificates.of deposit. A-12 (2) individual investments in the following cannot exceed 10% of the funds available for investments: • Corporate common stock, preferred stock, con- vertible debentures (provided the aggregate investment does not exceed three percent of total outstanding capital stock of any one corporation), • Notes collateralized by first mortgages on real property or guaranteed by the Federal Hous- ing Administration or the Veterans Administration. • Corporate interest bearing obligations. Purchases and sales of securities are reflected on a trade -date basis. Gain or loss on sales of securi- ties is based on average cost. (G) Inventories Inventories are valued at the lower of cost (first -in, first -out basis) or net realizable value. Inventory in the Internal Service Funds consists of expendable sup- plies held for consumption. (H) Accumulated Unpaid Vacation, Sick Pay, and Other Employee Benefit Amounts Under terms of Civil Service regulations, labor con- tracts and administrative policy. City employees are granted vacation and sick leave in varying amounts. Additionally, certain overtime hours can be accrued and carried forward as earned time off. Unused vaca- tion time and sick leave is payable upon separation from service, subject to various limitations depending upon the employee's seniority and civil service classi- fication. Accumulated unpaid compensated absences are accrued when earned in the Governmental and Proprietary Funds, with the long-term portion of gov- ernmental funds liability being recorded in the General Long -Term Group of Accounts. (1) Intragovernmental Allocation of Administrative Expenses The General Fund incurs certain administrative expenses for other funds including accounting, legal, data processing, personnel administration, engineering and other services. A brief description of the major compo- nents of such charges are as follows: • Project Management —The Public Works Depart- ment charges major capital improvement projects of the City for design, survey and inspection serv- ices. These charges are based on direct labor charges plus an overhead factor for administrative expenses of the engineering division, and totaled approximately $1,783,000 for fiscal year 1985. • Indirect Cost Allocation —The General Fund charges other funds for general and administrative expenses to allocate certain overhead costs as determined under a central services cost allocation plan. Such charges approximated $762,000 for fiscal year 1985. (J) Bond Discount and Issuance Costs Discounts on revenue and special obligation bonds payable within the Proprietary Funds are amortized using the interest method over the life of the bonds. TK:ZO TK:21 F6466 Review F1tmwW Printer, Miami, FL City of Miami —Preliminary Official Statement let Pwor of 5/23/1116 x 10+2 8l -436 TK12 0 Bond issuance costs are capitalized and amortized on a straight-line basis over the life of the bonds. (K) Property, Plant and Equipment Property, plant and equipment used in Governmental Fund type operations (general fixed assets) are accounted for in the General Fixed Assets Account Group. Public domain ("Infrastructure") general fixed assets consisting of certain improvements other than buildings, includ- ing roads, bridges, curbs, and gutters, streets and sidewalks, drainage systems, and lighting systems are capitalized along with other general fixed assets. No depreciation has been provided on general fixed assets. All property, plant and equipment are valued at histori- cal cost or estimated historical cost if actual historical cost is not available, and donated property, plant and equipment are valued at their estimated fair value on the date donated. Depreciation of all exhaustible fixed assets used by the Proprietary Funds is charged as expense against their operations. Accumulated depreciation is netted against related fixed asset amount on the Proprietary Fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line method. The estimated useful lives are as follows: • Buildings and Improvements . 30-50 years • Machinery and Equipment . .. 4-20 years • Improvements other than Buildings 10-20 years Interest costs associated with Enterprise Fund borrow- ings (revenue bonds) used for construction projects are capitalized during the current period as part of the assets, net of related interest earned on unexpended portions of such borrowings. As. no revenue bond con- struction projects were ongoing in 1985, no interest costs were capitalized. (L) Total Columns on Combined Statements —Overview Total columns on the general purpose financial state- ments are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial anal- ysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted account- ing principles. Neither is such data comparable to a consolidation. Interfund and intrafund eliminations have not been made in the aggregation of this data. 3) PROPERTY TAX Property taxes are levied on January 1st and are pay- able on November 1st, with discounts allowed of one to four percent if paid prior to March 1st of the following calendar year. All unpaid taxes on real and personal prop- erty become delinquent on April 1st and bear interest at 18% until a tax sale certificate is sold at auction. Dade County bills and collects all property taxes for the City, and sells tax certificates for delinquent taxes. The assessed value of property, as established by the Dade County Assessor of Property, at September 30, 1984, A-13 40 upon which the 1984-85 levy was based, was approximately $8.744,180,000. The City is permitted by Article 7, Section 8 of the Florida Constitution to levy taxes up to $10 per $1,000 of assessed valuation for general governmental services other than the payment of principal and interest on general obligation long-term debt. in addition, unlimited amounts may be levied for the payment of principal and interest on general obligation long-term debt, subject to a limitation on the amount of debt outstanding. The tax rate to finance general governmental services (other than the payment of principal and interest on general obligation long-term debt) for the year ended September 30, 1985, was $9,8571 per $1,000. The debt service tax rate for the same period was $2.052 per $1,000. 4) PENSION INVESTMENTS Investments held by the Pension Trust Funds at Sep- tember 30, 1985 and accrued interest thereon are summa- rized as follows: Approximate Market Cost U.S. Government and Government Agencies: Bonds and Notes $ 88,719,000 $ 85.694,394 Treasury bills 20,897,000 20,525,082 Corporate Stocks 133,989,000 128,169,237 Corporate Bonds 21,282,000 21,458.217 Commercial Paper 9,699,000 9,698,371 Money Market Funds and Time Deposits 32,412,000 32,412.071 Mortgages 158,000 318,137 Rental and Other Real Property 125.000 125.361 Accrued Interest 3,648,000 3.648,402 $310,929,000 $302,049.272 5) DUE FROMlTO OTHER FUNDS Due from/to other funds are loans from one fund to another for specific purposes. At September 30, 1985, the balance in due from/to other funds consisted of the following: Due from Due to Fund Other Funds Other Funds General $ 800.922 $ 3,653 Special Revenue: Downtown Development Authority 3,653 — Miami Sports and Exhibition Authority — 197,200 Other Funds — 776.322 Capital Projects: Culture and Recreation 172,600 — Trust and Agency: Pension Administration — -2,536,758 GESE Pension Trust 1,229,195 — FiPO Pension Trust 1,307,563 — Total I 1 $3,513,933 $3,513,933 I"" Review Finowlal Priaten, Miami, FL City of Miami —Preliminary Official Statement 1st Proof of 5/29/86 x 10+2 86-436. L11 6) DUE FROM OTHER GOVERNMENTS Amounts due from other governments primarily represents amounts relating to grants awarded by other governmental agencies, Federal Revenue Sharing monies and other receivables from state and local governments. 7) PROPERTY, PLANT AND EQUIPMENT The following is a summary of changes in general fixed assets for the year ending September 30, 1985: Balance Additions Deletions Balance October 1, and • and September 30, 1984 Transfers Transfers 1985 Land ... ... ...... .... $ 20,858,734 $37,133.792 $ 1,036,450 $ 56,956,076 Building and Improvements 24,071,349 4,898,906 2,437,550 26,532,705 Machinery and Equipment 23,094,610 1,850,133 262,170 24,682,573 Improvements Other Than Buildings . . . .... 136,840,517 2,972,378 — 139,812,895 Construction in Progress ... 73,022,715 18,619,304 39,283.042 52.358,977 Total.. $277,887,925 $65,474,513 $43,019,212 $300,343,226 The significant committments related to the acquisition or construction of general fixed assets are shown as encum- brances in the Capital Projects Fund and as Other Payables in the Long -Term Dept Group of Accounts. General fixed assets as of September 30, 1985 summarized by funding source are as follows (unaudited): Capital Projects Funds General and Special Obligation Bonds. $226,514,191 Federal Grants ... 21,352,321 General Fund Revenues . 47,007,579 Special Revenue Fund Revenues 5,346,893 Gifts.. ....... 122,242 Total.... ..... $300,343,226 A summary of proprietary fund type property, plant and equipment at September 30, 1985, is as follows: Internal Enterprise Service Land ............. $ 12,302,455 $ 401 Buildings and Improvements ... .......... ..... 132.811,816 4,407,251 Machinery and Equipment .... .. .... 5,369,276 22,752,256 Construction in Progress 1.318,492 — Total ................ ............ ..... $151,802,039 $27,159,910 Less Accumulated Depreciation ..... ....... 24,870,546 11.982,249 Net ........................ .. .. .... $126,931.493 $15,177,661 A-14 m:23 F"" Review n"aeW Prlatm, Metal, FL City of Mimni—Preliminary Official Statement lot Proof of 5/28/86 x 10+2 86-436 8) LONG-TERM DEBT The following is a summary of changes in long-term debt of the City for the year ended September 30, 1985 (in thousands of dollars): Enterprise General Long -Term Debt Fund Debt General Special Special Obligation Obligation Obligation Claims Other Compensated Revenue Bonds Bonds Payable Payables Absences Total Bonds Bonds Balance at October 1, 1984 $151,650 $ 600 $20,810 $ 5,758 $11,394 $190.212 $ 84.320 $ — New Bonds Issued .. 33,000 — — — — 33,000 — 13,720 Bond Anticipation Notes . . .... 12,000 — — — — 12,000 — — Decrease in Lease Payables .. — — — (1,128) — (1,128) — — Increase in Long -Term Claim Liabilities .... — — 3,250 — — 3,250 — — increase in Long -Term Accumulated Unpaid Compensated Absences — — — — 1,125 1,125 — Debt Retired . (22,010) (150) — — — (22,160) (10,517) — Balance at September 30, 1985 $174,640 $ 450 $24,060 $ 4.630 $12,519 $216.299 $ 73,803 $13.720 Bonds payable at September 30, 1985, are comprised of the following issues: General and Special Obligation Bonds (General Long - Term Debt): $25,000,000 Police Headquarters Improvement Bonds; seven issues, maturing through 2005, interest at rates ranging from 3% to 9.25% ... $ 14,775,000 $38,000,000 Storm Sewer Improvement Bonds; twelve issues, maturing through 2014; interest at rates ranging from 2.5% to 11.5% . 28,370,000 $44,640,000 Public Parks and Recreation Facilities Bonds; five issues, maturing through 2003; interest at rates ranging from 3.5% to 9.25% .... ........... 23,360,000 $65,000,000 Sanitary Sewer Improvement Bonds; ten Issues, maturing through 2013; interest at rates ranging from 1/10% to 9.25% ............... 30,515.000 $36,100,000 Street and Highway Improvement Bonds; eight issues, maturing through 2014; interest at rates ranging from 3% to 11.5% ... 25,365,000 $79,240,000 Other Issues, maturing through 2014; interest at rates ranging from 1 % to 11.5% ... 52,705.000 $175.090,000 A-15 Revenue Bonds and Special Obligation Bonds (Enterprise Funds): $60,000,000 Convention Center and Parking Garage Revenue Bonds, due in installments of $100,000 to $4,750,000 through 2015; interest at rates ranging from 6.5% to 8.5% ............. $ 60,000,000 $13,860,000 Off -Street Parking Revenue Bonds, maturing through 2009 at varying rates of interest ranging from 6% to 10.375% ..... 13,705,000 $225,000 Orange Bowl Warehouse Revenue Bonds, maturing through 1989; interest at 6.5%........... 98,000 $13,720,000 Special Obligation Bonds; maturing through 2008; interest at rates ranging from 5.625% to 8.875% ............. 13,720,000 87,523,000 Less Unamortized Bond Discount .. (2,305,365) $ 85,218,635 TK:24 M= F6W Rsvkw Fiaasclal Prleters. Miami, FL City of Miami—PrelWnacy Official Statement 1st Proof of 5/28/86 x 10+2 8i-43Gi, � 0 1�� The annual requirements to amortize all bonds and q The Trust Indenture provides that the gross revenues P r k, 3 other payables outstanding as of September 30, 1985, includ- of the Convention Center -Garage will be deposited, as x*:.; ing Interest payments of $299,341,000 are as follows (in received, with the Trustee of the credit of the Revenue thousands of dollars): Fund. The Trustee shall transfer from the Revenue ' Year Ending General Special Olher Fund, on a monthly basis, all money remaining in the fund in excess of current expenses to the following September 30 Obligation Obligation Revenue Payable$ accounts or funds in the following order: w 1986 $ 19,982 $ 1,319 $ 6,677 $1,067 a)to the Bond Service Account, an amount equal to 4= 1987 23.495 1,421 6,680 1,100 the sum of (1) an amount equal to one -sixth (1/6) of 4 1988 22,846 1,540 6,678 1,192 the interest payable on all the outstanding bonds on e 1 1989 21.220 1.392 6,677 1,292 the next ensuing interest payment date; and (ii) com- 1990 20,432 1,394 6,775 - mencing in January 1989, an amount equal to one- 1991-1995 86.022 7,010 37,143 - twelfth (1/12) of the next maturing installment of 1996-2000 63,077 7,087 38,134 - principal of all serial bonds; 2001-2005 39,658 6,541 36,923 - Thereafter 21,243 5,902 64,665 - b)to the Redemption Account, commencing in January =:3 2001, an amount equal to one -twelfth (1/12) of the $317,975 $33,606 $210,352 $4,651 principal amount of the term bonds required to be retired on the next succeeding January 1 st; The various bond indentures contain significant lima- c)to the Reserve Account, such amount, if any, of any tations and restrictions on annual debt service requirements, balance remaining after making the deposits under maintenance of and flow of monies through various restricted the two preceeding provisions, as may be required accounts, minimum amounts to be maintained in various to make the amount then held for the credit of the sinking funds, and minimum revenue bond coverages. Reserve Account equal to the maximum annual `.`'. A summary of major provisions and significant debt principal and interest requirements for the current service requirements follows: or any succeeding fiscal year; General Obligation Bonds -Debt service is provided d)to the Renewal and Replacement Fund, commenc- 'h' for by a tax levy on non-exempt property value and ing in October 1982, one -twelfth (1/12) of $100,000 collections on assessment liens from projects financed and one -twelfth (1/12) of such addition$l amount, if by proceeds of such bonds. The total general obliga- any, which a consultant retained for such purpose lion debt outstanding is limited by the City charter to in its latest written report prepared pursuant to the ' fifteen percent of the assessed non-exempt property Trust Indenture shall have recommended; value. At September 30, 1985, the statutory limitation e)to the Supplemental Reserve Fund, such amount, if for the City was approximately $1,311,627,000 provid- any, as may be required to make the amount then Ing a debt margin of approximately $1,141,540,000 held for the credit of the Supplemental Reserve Fund r. after consideration of the $174,640,000 of general obli- gation bonds outstanding at September 30, 1985, less equal to Two Million Five Hundred Thousand Dollars ($2,500,000); approximately $4,553,000 available in the related Debt f) to the Surplus p s Fund, the balance, if any, of the Service Fund, amount so withdrawn. General obligation bonds authorized but unissued at September 30, 1985, totaled approximately $99,275,000. At September 30, 1985, the City had on deposit with the x Trustee for these bonds approximately $9,466,000, SW,000,000 Convention Center and Parking Garage exclusive of accrued interest receivable, in the required Revenue Bonds -Debt service is provided by a pledge restricted funds and accounts of net revenues of the Convention Center -Garage, a $13,740,000 Special Obligation Bonds -In July, 1985, pledge of certain telephone and telegraph excise tax the City issued $13,720,000 of the City of Miami, Florida, revenues, and by a covenant and agreement of the Special Obligation Bonds, Series 1985 (the "Series City to provide, to the extent necessary, revenues of 1985 Bonds"). The proceeds from the sale of the series the City, other than ad valorem property tax revenues, 1985 bonds were used to defease the previously out - sufficient to make up any deficiency in certain of the standing $10,400,000 Parking Revenue Bonds with a required restricted funds and accounts. balance remaining of $10,345,000. As a result, an Various funds and accounts held by the Trustee are extraordinary loss of $2,468,039 was recognized. Debt _ required to be maintained under the terms of the Trust service is provided by a pledge of net revenues of the Indenture pursuant to which the bonds were issued. Government Center Parking Garage and utilities serv- Those funds or accounts pertaining to these provi- ices taxes collected by the City from the sale of water sions include the Revenue Fund, Bond Service Account, and gas in an amount not to exceed the principal and the Redemption Account, the Reserve Account, the interest requirements In the ensuing fiscal year. A Construction Fund, the Supplemental Reserve Fund, reserve must be maintained equal to the maximum the Renewal and Replacement Fund and the Surplus annual debt service requirement. Various funds and Fund. accounts held by the Trustee Include the Revenue TK:28 TK.27 A-16 F6466 RnUw Fhumclal PrInim. Miami, FL City of Miami --Preliminary Official Statement 1$1 Proof of 5/23/86 x 10+ 2 86-436 TWO Fund. Bond Service Account, Redemption Account. Reserve Account and the General Reserve Fund. The nature, purpose and funding requirements of these funds and accounts are similar to those described above relative to the Convention Center. At September 30, 1985, the City had on deposit with the Trustee for these bonds approximately $1,776.000 exclusive of accrued interest, in the restricted funds and accounts. $13,860,000 Off -Street Parking Revenue Bonds —Debt service is payable solely from the revenues of the Off -Street Parking facilities. This issue ("Series 1983") consists of serial bonds of $3,220,000 payable in install- ments of $155,000 to $390,000 from 1984 through 1996 and term bonds of $10,640,000 maturing from 1999 to 2009. At September 30, 1985, the City had on deposit with the Trustee for these bonds approximately $2,658,000 in various reserve accounts. These accounts consists of the Parking System Fund (Revenue, Revenue and Replacement, and General Reserve accounts), the Construction Fund (Additional Facilities and Proceeds accounts), and the Bond Fund (Interest and Principal, Sinking Fund, Reserve. Redemp- tion, and Insurance and Condemnation Award accounts). 9) CHANGES IN AGENCY FUND The City's Agency Fund is used to account for the $2,000,000 refundable deposits by the Cable T.V. licensee and interest thereon, which is payable to the licensee. The changes in the City's Agency Fund are as follows: Deposits and accrued interest beginning of year $2,075,564 Interest received 183,391 Interest paid to licensee . (104,245) Deposits and accrued interest end of year $2,154,710 Due to certain controversies relating to the licensee's performance under the Cable Ordinance, the City has assessed fines against the licensee totaling approximately $950,000 as of September 30, 1985. Since the assessment is subject to ultimate City Commission approval based upon the results of an independent review of the licensee's adherence to the Ordinance, the amount of the $2,000,000 performance deposit has not been reduced by the amount of such penalties. 10) FUND EQUITY The following individual Funds had a deficit fund equity at September 30, 1985. Fund Enterprise — Parking Garage Internal Service — Print Shop Amount $2.758.591 198.424 The deficit in the Parking Garage Fund, resulting primarily from the $2,468,039 extraordinary loss on debt refinancing, will be eliminated by future transfers of Utility Service Tax revenues. The deficit in the Print Shop Fund is expected to be eliminated by operating surpluses in the future. The expenditures in the Rescue Services Special Revenue Fund and the Utilities Service Tax Bonds Debt Service Fund exceeded appropriations by $4,801 and $2,972, respectively, for the year ended September 30, 1985. The fund balance at September 30, 1985 in the Utilities Service Tax Bonds Debt Service Fund exceeded the amount reserved for debt service by $1,309,969, which was caused by a positive variance of actual revenues over budget in 1985. The excess of utility service tax revenues over the debt service requirements of the utility service tax bonds is pledged first to provide funding as needed for debt service in the Convention Center and Parking Garage enterprise funds (see Note 8). Fund equity in the Enterprise Funds at September 30, 1985 consists of the following: Off -Street Parking Convention Center . Parking Garage Auditoriums Marine Stadium Miami Stadium Golf .. Other . Retained Earnings Reserved for Construction and Revenue Bond Retirement Unreserved $ 1,817.768 $ 8.755,482 8,408,935 (17,498,268) 1,497,476 (4,889,967) $11,724,179 (2,300.990) (130,027) (574,296) (4,862) 7,466,519 $ (9,176,409) Contributed Capital $ 276.753 43,243.798 633,900 5,407,505 675.161 1,406.186 392.718 6.503,730 $58.539.751 See Note 13 for selected financial information regarding the enterprise funds. A-17 Total Fund Equity (Deficit) $10,850,003 34,154,465 (2,758,591) 3,106,515 545.134 831,890 387,856 13,970.249 $61.087,521 TK29 F"" Review Fie utcktf Prh tern. Mind. FL City of Miami —Preliminary Ofticial Statement 1st Proof of 5/211/36 x 10+2 I 86--43G eN Fund, Bond Service Account, Redemption Account, Reserve Account and the General Reserve Fund. The nature, purpose and funding requirements of these funds and accounts are similar to those described above relative to the Convention Center. At September 30. 1985, the City had on deposit with the Trustee for these bonds approximately $1,776,000 exclusive of accrued interest, in the restricted funds and accounts. $13,860,000 Off -Street Parking Revenue Bonds —Debt service is payable solely from the revenues of the Off -Street Parking facilities. This issue ("Series 1983") consists of serial bonds of $3,220,000 payable in install- ments of $155,000 to $390,000 from 1984 through 1996 and term bonds of $10,640,000 maturing from 1999 to 2009. At September 30, 1985, the City had on deposit with the Trustee for these bonds approximately $2,658,000 in various reserve accounts. These accounts consists of the Parking System Fund (Revenue, Revenue and Replacement. and General Reserve accounts), the Construction Fund (Additional Facilities and Proceeds accounts), and the Bond Fund (Interest and Principal, Sinking Fund, Reserve, Redemp- tion, and Insurance and Condemnation Award accounts). k 9) CHANGES IN AGENCY FUND The City's Agency Fund is used to account for the $2,000,000 refundable deposits by the Cable T.V. licensee and interest thereon, which is payable to the licensee. The = changes in the City's Agency Fund are as follows: Deposits and accrued interest beginning of year $2.075,564 Interest received 183,391 Interest paid to licensee (104,245) Deposits and accrued interest end of year $2,154,710 Due to certain controversies relating to the licensee's performance under the Cable Ordinance, the City has assessed fines against the licensee totaling approximately $950,000 as of September 30, 1985. Since the assessment is subject to ultimate City Commission approval based upon the results of an independent review of the licensee's adherence to the Ordinance, the amount of the $2,000,000 performance deposit has not been reduced by the amount of such penalties. 10) FUND EQUITY The following individual funds had a deficit fund equity at September 30, 1985: Fund Enterprise — Parking Garage Internal Service — Print Shop Amount $2,758,591 198.424 The deficit in the Parking Garage Fund, resulting primarily from the $2,468,039 extraordinary loss on debt refinancing, will be eliminated by future transfers of Utility Service Tax revenues. The deficit in the Print Shop Fund is expected to be eliminated by operating surpluses in the future. The expenditures in the Rescue Services Special Revenue Fund and the Utilities Service Tax Bonds Debt Service Fund exceeded appropriations by $4,801 and $2,972, respectively, for the year ended September 30, 1985. The fund balance at September 30, 1985 in the Utilities Service Tax Bonds Debt Service Fund exceeded the amount reserved for debt service by $1,309,969, which was caused by a positive variance of actual revenues over budget in 1985. The excess of utility service tax revenues over the debt service requirements of the utility service tax bonds is pledged first to provide funding as needed for debt service in the Convention Center and Parking Garage enterprise funds (see Note 8). Fund equity in the Enterprise Funds at September 30, 1985 consists of the following: Off -Street Parking Convention Center Parking Garage Auditoriums . . Marine Stadium Miami Stadium Golf .. Other . . Retained Earnings Reserved for Construction and Revenue Bond Retirement Unreserved $ 1,817,768 8,408.935 1,497,476 $11, 724,179 $ 8,755,482 (17,498,268) (4,889,967) (2,300.990) (130.027) (574,296) (4,862) 7.466, 519 $ (9,176.409) Contributed Capital $ 276,753 43,243,798 633,900 5,407,505 675,161 1,406,186 392,718 6,503,730 $58,539,751 See Note 13 for selected financial information regarding the enterprise funds. A-17 TK:Zf! TK19 F6W Review Fissul al Printers' MiwW. FL City of Miami —Preliminary Official Statement Total Fund Equity (Deficit) $10.850,003 34,154,465 (2,758,591) 3,106.515 545.134 831,890 387,856 13,970,249 $61,087,521 1st Prnot of 51ul i x 10+2 SG--4 3C T I< 11) INTERFUND TRANSFERS A summary of interfund transfers and contributions by fund type is as follows: Transfers in Special Ca ital internal General Transfers From General Revenue Protects Enterprise Service Fixed Assets Total Operating Transfers: General ........ . . $ — $1,484,905 $1,261,890 $ 543,791 $ — $ — $ 3,290,586 Special Revenue .... 11,918,129 427,520 100,000 — — — 12,445,649 Debt Service ........ 17,562,937 — — 4,837,288 — — 22,400,225 Capital Projects — — 7,267,925 — — — 7,267,925 Enterprise ........ 1.268,976 — 730,251 — — — 1,999,227 Internal Service ..... — — — — 375,913 — 375,913 r $30,750,042 $1,912,425 $9,360,066 $5,381,079 $375,913 $ — $47,779.525 Equity Transfers and Contributions: General............ $ — $ — $ — $ 267,529 $ — $ — $ 267.529 Special Revenue ..... — — 229,608 — 66,930 — 296,538 }. Capital Projects ..... 14,283 — — — 47,665 — 61,948 r` Enterprise .......... — — — 8,019 19,065 192,506 219,590' Internal Service ..... — — — — 510 820 1,330 General Fixed Assets — — — 2,294,746 20,133 — 2,314,879 $ 14,283 $ — $ 229,608 $2,570,294 $154,303 $193,326 $ 3,161,814 s A-18 TK:80 TK;$1 aw City of Miami—Prelim4muy Ofricw Statement Ut iPMt orS/2i $6X 10+2 86-436, � �t 12) SELF-INSURANCE The City maintains a Self -Insurance Expendable Trust Fund to administer insurance activities relating to certain property and liability risks, group accident and health and workers' compensation. Charges to participating operating departments are based upon amounts determined by management to be necessary to meet the required annual payouts during the fiscal year. The estimated liability for insurance claims includes the estimated future liability on a case -by -case basis for all pending claims and an actuarially determined amount for claims incurred but not reported. The unfunded long-term portion of the total estimated liability, which is expected to be funded from future operations, is reflected in the General Long -Term Debt Account Group (GLTD) and amounted to approximately $24,060,000, as of September 30, 1985, as follows: Self Insurance GLTD Claims Payable Claims Payable (Current Portion) (Non -Current) (A) Workers Compensation All workers compensation costs are paid from the Self -Insurance Fund, with all departments of the City being assessed a charge based upon annual cash requirements. As claims are reported, they are investigated by claims personnel, and an estimate of liability on a case -by -case basis is established. The estimated liabilities are periodically reviewed and revised as claims develop. Most liability in this area will be payable over several years. $ 543,356 $11,880,000 (6) General Coverage Departments of the City are assessed for property and casualty coverage based upon the cash requirements of the Self -Insurance Fund and their relative share of the total risk. The City has continued to purchase certain casualty insurance for which the premium is small in relation to the coverage provided. The City is fully insured, subject to a $10,000 deductible, for all property loss exposures. As casualty claims are reported, they are investigated by claims personnel and an estimate of liability on a case -by -case basis is established. 748,904 12,180,000 (C) Group Accident and Health Certain employees and retirees of the City contribute through payroll deductions or deductions from pension payments to the cost of group benefits. The remainder of the funds necessary are contributed by the City based upon the number of participants in the plan. As of September 30, 1985 the plan covered approximately 1,600 active employees, 800 retirees and 1,100 dependents. Costs of the plan for the year then ended were approximately $4.4 million. During July, 1984, the labor unions representing policemen and firefighters established separate group benefit plans for both active employees and retirees. The City's plan does not cover those employees or retirees. The amount of claims at September 30, 1985 represents payments made by the City in October and November, 1985, on claims incurred at September 30, 1985. 581.372 — $1,873,632 $24,060,000 The City Is a defendant in civil liability suit arising from alleged negligence on the part of a City employee while driving a City vehicle. A jury verdict against the City was reached during 1985, awarding damages of approximately $10.7 million. The City's liability in this suit is limited to $50,000 by Florida statute. However, the plaintiff has the option to seek to recover the excess damages by introducing a claims bill to the Florida Legislature under Section 768 of the Florida Statutes. Passage of a claims bill would allow the plaintiff to collect damages in an amount designated by the Legislature regardless of statutory limitations on liability. No claims bill pertaining to this case has been introduced. As of September 30, 1985, the City has recorded only the amount of the statutory liability. A-19 TI C31 F6K Review Fluseld priRlm• Miss i, FL City of Miami --Preliminary Official Statement 191 Proof of 5128156 x 10+2 86-436. eN TK:32 13) SEGMENT INFORMATION -ENTERPRISE FUNDS The City maintains eleven (11) enterprise funds which provide various recreational, convention and parking facilities. Selected financial information for the fiscal year ended September 30, 1985 is as follows (in thousands of dpolllars): Off -Street Convention Perking and Leese Parking Stadiums Center Marinas Auditoriums Golf Garage Management TOW Operating Revenues ....... ..... S 7.597 $3,656 $ 3,327 $1,356 $ 533 $ 953 $ 202 S 1,330 $ 18.954 Depreciation Expense ............ 937 506 1.531 172 146 44 149 59 3,544 Operating Income (Loss) ..... , ... 2,027 386 (2,123) 776 (355) (331) (139) 1,049 1,290 Non -Operating Revenues (Expenses) and Operating Transfers ........... (985) 161 (592) 133 296 59 (499) (1,025) (2,452) Net Income (Loss) .............. 1.041 547 (2.715) 910 (59) (271) (3.106)(1) 23 (3,630) Contributions and Equity Transfers .............. 155 245 - 3 79 - - 2,287 2,769 Total Equity (Deficit) ............. 10,850 8,334 34,154 4,703 3.107 388 (2,759) 2,310 61,087 Total Assets ................... 26,056 8,712 94,004 4,811 3,178 481 10,881 2,349 150,472 Property, Plant and Equipment, Net .............. 17,920 8,623 83,308 2,431 3,436 941 8,043 2,229 126,931 Property, Plant and Equipment: Additions and Transfers, Not ............... 565 871 375 310 5 27 - 2,288 4,441 Bonds Payable, Net ............. 13,334 98 58.468 - - - 13,319 - 85,219 Net Working Capital (Deficit) .................... 3,663 (189) (886) 2,273 (330) (554) 482 81 4,540 (1) Includes $2,468,039 in extraordinary loss on debt refinancing A-20 IFO .IAeview Fwakefel Prfrtters, Mfaat, FL City of Miami -Preliminary official Statement lot Proof of 5/28/86 x 10+2 8f-43�, 14) PENSION PLANS AND RESOLUTION OF PENSION LITIGATION A) Reporting Entity For a number of years, the City has sponsored two separate defined benefit contributory pension plans: Miami City Employees' Retirement System (System) for police offi- cers and firefighters and Miami City General Employees' Retirement Plan (Plan) for sanitation workers and general employees. Since 1977, the City was Involved in significant pension litigation, primarily related to (1) a class action lawsuit filed on behalf of all members and beneficiaries of the Plan and System seeking to require the City, for the years 1939-1975, to retroactively make additional deposits to Its pension plans totaling approximately $40,000,000 includ- ing interest through September 30, 1984, and (2) the claim from the Boards of Trustees of the Plan and System of underfunding of the pension plans in years 1980-1984 total- ing approximately $14,300,000 (Plan) and $17,100,000 (Sys- tem). Prior to 1980, the policy of the City was to make contributions to the pension trust funds based upon amounts determined to be due by the Plan and System actuarial valuation reports, which provided for a level dollar amorti- zation of unfunded prior service costs. The City Commis- sion, in September 1979, adopted a policy limiting the increase In the portion of the pension contribution relating to the amortization of the unfunded prior service costs to five percent of the preceeding year's amount, resulting in the claim of underfunding by the Boards. Therefore, for 1980.1984, the City's contributions to the pension plans consisted of normal costs and a 5% per year increasing amortization of prior service cost over 35 years measured from 1976, less Investment manager's fees paid by the City on behalf of the Plan and System. Due primarily to the special circumstances involving the litigation, both the Plan and System were excluded as part of the reporting entity of the City in prior years. In 1985 the pension litigation and related matters were resolved, as described below, resulting in the two pension trust funds meeting the criteria for Inclusion in the accompanying financial statements of the City as part of the reporting entity. 8) Resolution of Pension Litigation and Related Matters On May 23, 1985 a final judgement was entered by the Circuit Court of the Eleventh Judicial Circuit in and for Dade County, Florida, in settlement of the pension litigation and related matters. The major terms of the settlement, which was approved by the City Commission on June 13, 1985, are as follows: — The System became the City of Miami Fire Fighters' and Police Officers' Retirement Trust (FIPO) and the Plan is now the City of Miami General Employees' and Sanita- tion Employees' Retirement Trust (GESE). The composi- tion and method of selection of members for both Boards has been changed. TK:�B F6466 IReYiew FIND eid PdaWn, WNW, FL — Each of the two Boards of Trustees (Boards), in its discretion, may have its own employees, its own admin- istrator, its own attorneys, accountants, money man- agers, and other professionals. — The City's total annual contributions to FIPO and GESE beginning with fiscal year 1984/85 are required to con- sist of: • Administrative expenses. • Actuarial contributions for normal cost using the entry age method: a mechanism has been agreed upon to resolve possible disagreement on annual contributions by a third party. • Annual unfunded liability contributions based on a schedule that requires $5,000,000 for FIPO and $6,400,000 to GESE, respectively, increasing there- after by approximately 5% per year. The total unfunded liability, including the effect of certain plan improve- ments, was calculated to be approximately $104,500,000 for FIPO as of January 1, 1983, and $109,000,000 for GESE as of October 1, 1982, establishing the basis for the contribution sched- ule. The currently existing unfunded liability bal- ances are scheduled to be eliminated by the year 2012 for FIPO and by the year 2008 for GESE. — Any increase in the unfunded liability of either FIFO or GESE arising from lawful increases in benefits provided by the City unilaterally shall be amortized in level annual installments over the shorter of (1) 30 years from the beginning of the fiscal year in which the change occurred, or (2) the period over which such benefit increase is expected to be paid. Any increase or decrease in the unfunded liability resulting in changes in actuarial assumptions or changes in benefits resulting from col- lective bargaining shall be amortized in level annual installments over a period of 30 years from the begin- ning of the fiscal year in which the change occurred. — A Cost -of -Living Adjustment Fund (COLA Fund) was created with a designated amount of savings gener- ated by the tax qualification of FIPO and GESE being contributed by the employees. The COLA Fund is funded as follows: • Two percent of the earnable compensation of each member shall be credited each pay period to the COLA Fund. • A transfer to the COLA Fund of an amount equal to one percent of the total payroll of all members per fiscal year, to the extent such an amount is availa- ble from excess interest earnings determined on an accumulated basis from October 1, 1982, to the beginning of the year of determination, reduced by any COLA transfers in prior years. Contributions pursuant to this provision shall be mandatory for three -and -one-half years only, beginning October 1, 1983. Excess interest earnings are defined as being the difference between the rate of return on the actuarial market value of the average assets as A-21 City of Miami —Preliminary Official Statement 1st Proof of 5/28/86x 10+2 SC -43C. LI calculated in accordance with Chapter 112, Florida Statutes, less the assumed rate of return for active members on the current actuarial valuation report. The liability, if any, of the pension trusts to pay a varia- ble annuity benefit to any past, current or future retir- ees was extinguished. The City paid approximately $900,000 in legal fees of the various plaintiffs through the Pension Administra- tion Trust Fund (expendable trust fund) during 1985. The settlement resulted in no other liabilities assessed against the City. C) Description of Pension Plans and Actuarial Meth- ods and Assumptions FIPO and GESE are separate defined benefit plans to which member employees contribute a percentage of their base salaries or wages on a bi-weekly basis. This percent- age was 8 1/2% for FIPO and 8% for GESE until June 1, 1985, at which time the percentages were increased as a contribution to the COLA Fund. Contributions from employ - Assumed rate of return on investments: ees are recorded in the period the City makes payroll deduc- tions from participants. The City is to contribute such amounts as are necessary on an actuarial basis to provide FIPO and GESE with assets sufficient to meet the benefits to be paid. GESE also receives contributions, through the City, from Metropolitan Dade County and the State of Florida on behalf of certain plan participants. The present value of vested benefits (benefits to which participants are entitled, regardless of future service with the City) and the estimated actuarially determined unfunded prior service cost were calculated by consulting actuaries as of January 1, 1984 for FfPO and October 1, 1984 for GESE as a basis for determining the City's contribution for the City's fiscal year ended September 30, 1985. The estimated actuarially determined unfunded prior service cost is calculated using the frozen entry age actuarial cost method. The more significant assumptions underlying the actu- arial computations are as follows: GESE Prior to retirement 8% per annum, compounded annually After retirement 7% per annum, compounded annually Active mortality basis 1971 Group Annuity Mortality Table, set back 6 years for females ate RYearsf riceal Employee turnover Age of Se 1 3 5+ 20 .175 .120 .080 30 .175 .120 .060 40 .175 .120 .040 50 .175 .120 .020 Salary Scale Age Salary 1 crease 20 .100 30 .085 40 .075 50 .075 60 .075 Annual Rate of Retirement Age Retirement 55 .300 60 .140 65 1.000 Asset Value Lower of market value or statement value or statement value A-22 TWO FNK Reim Flaaa W Priatets. Wand. FL City of Miami —Preliminary Official Statement 19 Pmat of 5/211/26 x 10+2 86--430. FIPO Assumed rate of return 7% per annum, compounded annually on investments Active mortality basis 1971 Group Annuity Mortality Table, producing the following specimen rates: Age Male Female 20 .0503 % .0260 30 .0809 .0469 40 .1633 .0938 50 .5285 .2165 60 1.3119 .5649 Employee turnover In accordance with the following specimen rates: Age Rate 20 8.0% 30 6.0 40 3.0 50 0.0 Salary scale Plus 15% additional in first year of employment. Seniority scale, providing annual earnings, in- creases ranging from 4.8% at age 20, 2.5% at age 30, 1.7% at age 40, 1.4% at age 50, to 0% at age 60. In addition, a 5% annual increase due to inflation is assumed. Retirement Age Probabilities of retiring ranging from 1 % at age 40, 3.5% at age 45, 50% at age 50, to 100% at age 55. Asset value Moving market value average. A summary of certain information in the actuarial valuation is as follows: FIPO GESE To determine City contribution for year ended .... .. . 9/30/85 9/30/85 Valuation date ..... .. 1 /01 /84 10/01/83 Actuarial value of net assets $153,367,000 $ 87,012.103 Actuarial present value of accumulated plan benefits: Vested ... $165,397,000 $155,145,000 Non -Vested .... 11,311,000 5.236,000 Total .. $176,708,000 $160,381,000 Actuarially determined unfunded prior service cost $108,924,000 $111,778,313 Number of participants: Active employees ..... 1,717 2.016 Retired, disabled and deferred vested .... .... ... 859 1,510 Total ........... 2,576 3,526 Required employer contribution funded .. . ... .......... ....... $ 10,700,000 $ 10,159,599 A-23 FNK Review FfWMW Prh tete, Mkt, FL City of Miami —Preliminary Official Statement let Proof of S/U/56 x 10+2 8f -436. .4 TKM Through 1985 the City has maintained a Pension Admin- istration Trust Fund (expendable trust fund), which charges each Department of the City and other governmental con- tributors their respective share of estimated pension plan contributions ($17,168,000 and $540,000, respectively, in 1985). Substantially all amounts charged were to the Gen- eral Fund, and the remainder to various other funds, prin- cipally Enterprise and Internal Service. The Pension Admin- istration Trust Fund then disburses the actuarially deter- mined required contributions to the pension trust funds. For 1985, the required contributions to FIPO and GESE as a result of the settlement of the pension litigation totaled approximately $20,860,000, as compared to approximately $19,255,000 for 1984 as determined by the City's actuary prior to the settlement. The required contributions were funded to the pension trust funds during the year for which required or shortly thereafter. The fund balance of the Pension Administration Trust Fund at September 30, 1985 of $1,415,333, which repre- sents the accumulated excess of charges to other funds and miscellaneous revenues over actuarial requirements and other expenditures, has been designated for future pension plan contributions. D) Other Plans The City also makes contributions through the Pen- sion Administration Trust Fund to the Police and Firemen's Relief and Pension Trust Funds, which are not under the jurisdiction of the City, and therefore, not included herein as part of the reporting entity. Funding for such contribu- tion, which totaled approximately $3,231,000 for 1985, is from the State of Florida -Bureau of Municipal Police and Firefighters' Retirement Fund, pursuant to Chapters 175 and 185 of the Florida Statutes. The City sponsors two deferred compensation programs for its employees administered by ICMA and the U.S. Con- ference of Mayors. The ICMA administered plan provides for a City contribution of 8% of based salaries of participat- ing employees, which was approximately $165,000. 15) COMMITMENTS AND CONTINGENCIES There are a number of claims and lawsuits outstand- ing against the City, arising principally from personal inju- ries incurred on City property, for which a liability of $24.060,000 is recorded in General Long -Term Debt as of September 30, 1985, as described in Note 12. Housing Bonds In February, 1976, the City Commission passed an ordinance which approved the issuance of $25,000,000 General Obligation Housing Bonds of the City for the pur- pose of providing housing for families and persons, includ- ing the elderly, of low and moderate income. During fiscal year 1983/84, the City Issued the final $18,100,000, of the approved bonds. The current and proposed uses of the proceeds are as follows: • Pursuant to agreements between the City of Miami and Dade County, certain of the proceeds of such bonds have been deposited in trust for a reserve fund to provide additional security for certain hous- A-24 ing revenue bonds issued by Dade County or expended as capital contributions to Dade County for projects built within City limits. As of Septem- ber 30. 1985, approximately $8,000,000 of these bond proceeds have been expended for land acqui- sition for various housing projects within the City limits conducted in conjunction with Dade County and approximately $2,667,000 had been transferred to the trustee for debt service reserve require- ments. The amounts transferred to the trust ac- count have been recorded as receivables in the capital projects funds and, due to the uncertainty of collection, an allowance for the full amount has been established. • As of September 30, 1985. approximately $6,300,000 of housing bond proceeds has been used for land acquisition costs as of September 30, 1985, asso- ciated with the Southeast Overtown Park West Redevelopment Project, which targets for redevel- opment 200 acres of prime real estate adjacent to the City's central business district. The four con- struction contractors chosen by the City for the initial nine blocks of the project will be offered construction financing assistance. The City may issue in fiscal year 1985/86 up to $40,000,000 in three-year construction notes to be supported by an irrevocable letter of credit of a major bank. The notes would be secured by the payments to be received on account of the sale of the units, by investments held by the Trustee, and by the pledge of the City of certain non -Ad Valorem revenues. • In addition, certain bond proceeds are anticipated to be used to finance land acquisition and related costs for an affordable rental housing develop- ment program. This program's objective is the construction of rental housing units within the City of Miami for low and moderate income per- sons in conjunction with Dade County. Construc- tion is expected to be financed by the issuance of up to $65,000,000 in City of Miami Mortgage Rev- enue Bonds and equity investments from the proj- ect's developers. Convention Center In August 1980, the City issued $60,000,000 of Con- vention Center and Parking Garage Revenue bonds to finance construction of the City of Miami/University of Miami James L. Knight International Center. As discussed in Note 8, the bonds are collateralized under the trust indenture by a first lien on the pledge of the net revenues of the Conven- tion Center -Garage, certain telephone and telegraph utility service taxes and by a covenant and agreement of the City to provide, to the extent necessary, revenues of the City other than ad valorem tax revenues, sufficient to make up any deficiency with respect to the payment of operating expenses and debt service and the maintenance of the reserves required under the bond indenture. The City has appropriated approximately $4,269,000 of utility service tax revenue for these purposes for the fiscal year ended Sep- tember 30, 1986. It is anticipated that similar transfers of such revenues will be necessary thereafter on an annual T6sf6 Revbw Fk utcW Pris/en, Mi ai, FL City of Miami —Preliminary Official Statetneat lit Proof of 5/22/86 x 10+2 86-- 436. TK:01 basis through fiscal 1989 to subsidize Convention Center deficits. The City entered into an agreement with the Univer- sity of Miami, whereby the University leases space in the Convention Center for a term of 30 years, including two 30-year renewal options for a total of $2,906,000 paid as basic rent in advance in 1983. The City also entered into a lease agreement with a private developer for certain air space over a portion of the Convention Center for a hotel. The lease is for a term of 45 years, with a 45-year renewal option and provides for a base rent of $2,900,000 paid to the City in advance in 1983 plus additional rent payable annu- ally as a graduated percentage of gross sales in excess of $20,000,000. No additional rent was received during 1985 under this provision. The amounts received as base rent in 1983 were accounted for as equity contributions to the Convention Center. The City also entered into an agreement with a sepa- rate private developer to lease air space over a portion of the parking garage for a 37-story World Trade Center, currently under construction. The lease agreement pro- vides for lease extensions yielding a total term of 90 years. Base rent is set at $150,000 per annum, with up to an additional $150,000 annually to be received based upon the World Trade Center's occupancy rates. Both rent com- ponents are adjusted annually for changes in the consumer price index. Parking Garage In July 1985, the City issued $13,720,000 of Special Obligation Bonds, series 1985, for the purpose of refinancing the $10,400,000 Parking Revenue Bonds issued in 1982 to finance construction of a 1,110 car parking garage adja- cent to the Government Center (see Note 8). The facility opened to the public in 1983. The Series 1985 bonds are collateralized under the bond ordinance by net revenues from the parking garage and the revenues of the City derived from water and gas utility services tax in an amount not to exceed the maximum principal and interest require- ments in the ensuing fiscal year. The City has appropriated approximately $1,559,000 of utility service tax revenue for this purpose for the fiscal year ending September 30, 1986. Bayside Specialty Center The City entered into a lease agreement with an out- side developer (Rouse -Miami, Inc.) to allow the construc- tion of a proposed $126 million retail center on 20 acres of City -owned property along the edge of the Miamarina to be named the Bayside Specialty Center. The lease agreement has a term of 45 years with two renewal options of 15 years each. Annual rent is set at the greater of 35% of the net income of the project or the minimum base rental as defined in the agreement. Rental payments shall be received monthly after the project commences operation targeted for 1987. The retail center is to be financed by a construction loan of $72 million obtained by the developer, a $3 million equity contribution from the developer and $4 million in infrastructure improvements to be provided by the City. As of September 30, 1985, the City had expended approximately $370,000 in cost primarily associated with the demolition of the Bayfront Auditorium, which occupied the site of the project. The City also advanced $2,650.000 to be refunded by the developers to buy out the existing lease on a res- taurant facility within the leased premises. It is projected that tenant improvements will represent an additional $30 million investment. In October 1985. the City issued $17,010,000 of Indus- trial Development Revenue Bonds, Series 1985 (Bayside Center Limited Partnership Project) to finance the construc- tion of a multi -level parking garage adjacent to the Bayside Specialty Center Project. These bonds are payable from revenues generated from the operation of the garage and repayment is the responsibility of Rouse -Miami, Inc., the bonds do not constitute a debt of the City. The City is not obligated to pay the bonds or interest thereon. Coliseum/Exhibition Center The Miami Sports and Exhibition Authority (Authority) is currently negotiating a comprehensive contractual agreement with Decoma Venture (Developer) to construct an arena facility. The Authority has entered into an Irrevo- cable Letter of Credit Agreement with the Developer in the amount of $100,000 payable to the Authority as security for liquidated damages in the event no agreement can be reached by May 15, 1986 under certain conditions, princi- pally the Developer's failure to negotiate in good faith. On August 20, 1985, the Authority entered into a Pre -Development Agreement (Agreement) with the Devel- oper which permits up to $1,500,000 in expenses and obli- gations to be undertaken by the Developer to accomplish or initiate pre -development activities. All payments by the Authority under the Agreement may either be credited against any future advances or payments required to be made by the Authority to the construction project or, if permitted by taw, may be reimbursed out of the proceeds of any bonds issued by the Authority to finance construction. As of September 30, 1985, no pre -development expenses had been presented to the Authority for payment. On August 30, 1985, the Authority adopted a Resolu- tion authorizing the issuance of up to $65,000,000 of spe- cial obligation bonds of the Authority, payable from Con- vention Development Tax revenues to fund the arena construction. The Resolution also provided for the issu- ance of subordinate obligations for any lawful purpose of the Authority. (See Note 16—Subsequent Events). 16) SUBSEQUENT EVENTS On December 27, 1985, the Miami Sports and Exhibi- tion Authority issued $38,000,000 Floating/Fixed Rate Spe- cial Obligation Bonds, Series 1985 (Bonds) maturing in various amounts from 1991 through 2015. The Bonds are limited special obligations of the Authority and are payable solely from and secured by a pledge of (i) the Authority's allocated portion of the 3% Convention Development Tax levied and collected in Dade County, (ii) investment earn- ings on certain reserve accounts required to be maintained with the Trustee, and (iii) from the date of original issuance of the Bonds through December 30, 1990 (except upon the earlier occurrence of certain events), from funds drawn under a bank letter of credit in a stated amount equal to the A-25 F61K R evim FiNUMM Prlelm, Miaa1, FL City of Miami —Preliminary Official Statement 1st Proof of 5/28/66 x 10 f 2 SG -43CL 4 TKV principal amount of the Bonds plus 55 days interest thereon at an interest rate of 12%. From the date of initial issuance of the Bonds through January 7, 1986 the Bonds will bear interest at 8.25%; thereafter, at a variable rate per annum calculated weekly. The Bonds were issued principally to provide funds to pay the cost of acquisition and construc- tion of arena facility, together with a $8,500,000 contribu- tion by the Developer and a contribution by the Authority of approximately $4,721.000 in accumulated Convention Devel- opment Tax revenues. A-26 On December 27, 1985, the Authority also issued a $10.000,000 Subordinate Obligation Note. Series 1985, to fund a permanent or temporary exhibition center or any other lawful purpose of the Authority. This note is secured by a pledge of the Authority's allocated portion of the 3% Convention Development Tax, but on a basis subordinate and junior to the pledge to the Series 1985 Special Obliga- tion Bonds. Interest on the note is at 70% of prime rate subject to adjustment under certain conditions. Interest is payable quarterly beginning in April 1986. Quarterly prin- cipal payments of $312,500 commence January 1987, with the final installment due in December, 1995. F4" Rr*w FinmW Printer, MbW. FL City of Miami—Prelimiaary Official Statement 161 Pmot of 5/28/86 x to+2 86--436. i r SCHEDULE A•1 CITY OF MIAMI, FLORIDA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES = AND CHANGES IN FUND BALANCE —BUDGET (NON-GAAP BUDGETARY BASIS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1085 With Comparative Actual Amounts for Year Ended September 30, 1984 1985 Variance Favorable Actual Budget Actual (Unfavorable) 1984 Revenues: Taxes: Property tax collections, including penalties and interest . $ 83,292,416 $ 84,208,646 $ 916,230 $ 78,967,870 Business and excise taxes .. 14,678,200 16,073,050 1.394,850 4,885,370 97,970,616 100.281,696 2,311,080 83,853,240 r, Licenses and permits: Business licenses and permits ................ 5,924,817 5,956,449 31,632 5,779,021 Construction permits ... ... .... 66,325 84,572 18,247 73,536 5,991,142 6,041,021 49,879 5,852,557 c Intergovernmental: State revenue sharing ....... .... 11,220,000 11,962,175 742,175 11,715,407 Sales taxes ....... .... 10,500,000 11,354,993 854,993 10,633,775 Court fines 2,100,000 1,477,170 (622,830) 2,111,474 Other ........... 1,113,241 1,478,949 365,708 1,066,729 24,933,241 26,273,287 1,340,046 25,527.385 Intragovernmental: Engineering services . .. .. ........ ... 2,690,000 2,775,073 85.073 2,646,258 Administrative charges ... -- 23.751 23,751 41,120 2,690,000 2,798,824 108,824 2,687,378 Charges for services: Public safety ........... .... ..... 3,220,800 3,594,644 373,844 3,479,658 Recreation .......... ..... 228,000 253.590 25,590 248,024 Solid waste ...... 12,540,000 12,993,917 453,917 7,734,936 Other .................. ....... . ... .... 1.540,576 791.582 (748,994) 684,418 17,529,376 17,633,733 104,357 12,147 ,036 Interest ........... .... .. ......... . ....... 2,000,000 2.717.703 717,703 3,349,836 Other revenues: Rents ........... — 2,866 2.866 1.458,546 Miscellaneous .......... ..... 50,500 381.183 330,683 696.715 50,500 384,049 333,549 2,155,261 Total revenues .................... ..... 151,164.875 156,130,313 4,965,438 135,572,693 (Continued) A-27 TK:31111 F6" Review Ftttau dal Primes. M mM. FL City of Miami —Preliminary Official Statement 19 Proot of 512111/86 x 10+2 8fi-43G A TK:39 CITY OF MIAMI, FLORIDA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET (NON-GAAP BUDGETARY BASIS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1985 With Comparative Actual Amounts for Year Ended September 30, 1984 1985 Expenditures: General government: Mayor and commission .......... .. City manager ..... . City clerk ........... . Management and budget . ........ ... .. Finance ............ . Legal .. Civil service ............ ............. Human resources ... .. ............ Community development...... .. ... . Tourism and promotion .... Computer and communications Public safety: Police...., .... Fire..... .. ..... Public improvements: Public works ..... ... . Planning and zoning boards ..... .. ......... Solid waste .............. ..................... Culture and recreation ..................... .... . Other: Employee benefits .........'......... ..... Special programs ................... ........ . Intragovernmental charges ........... ......... Miscellaneous Total expenditures ........... . Excess (deficiency) of revenues over expenditures ..... Other financing sources (uses): Operating transfers in ........................ . Operating transfers out ................... ... . Total other financing sources (uses) . . Excess (deficiency) of revenues and other financing sources over expenditures and other uses .................. ... Fund balance at beginning of year ................. . Equity transfers to other funds .................... . Equity transfers from other funds .................. . Fund balance at beginning of year .................. Variance Favorable Budget Actual (Unfavorable) $ 1,039,987 $ 893,211 2,943,733 2,819,974 549,511 528,514 1,484,867 1,414,701 2,850.405 2,804,307 1,290,329 1,248,346 198,364 188,281 1,724.453 1,626,207 1,097,549 1,060,997 1,297,460 1,083,588 4,048,922 4,036,236 18,525,580 17,704,362 64,091,435 62,972,667 36,501,724 36,312,302 100,593,159 99,284,969 $ 146,776 123,759 20,997 70,166 46,098 41,983 10,083 98,246 36,552 213,872 12.686 821,218 1,118, 768 189,422 1,308,190 SCHEDULE A-1 (Continued) Actual 1984 $ 777,715 2,522,389 708,805 1,328,269 2,785,626 1,079,236 176.484 1,649,925 944,811 1,071,578 2,984,776 16,029.614 59,225,684 34,879,550 94,105,234 15,418,230 13,610,802 1,807,428 12,212,634 1,402,895 1,358,661 44,234 1,179,871 16,821,125 14,969.463 1,851,662 13,392,505 23,431,169 22,830,100 601,069 22.592,355 8,810,258 8,669,148 141,110 8,408,933 2,818,003 2,852,723 (34,720) 2,152,216 2,321,612 1,916,971 404,641 2,204,082 4,170,156 4,126.636 43,520 2,664,396 5,648,850 5,822,043 (173,193) 4,080,059 14,958,621 14,718,373 240,248 11,100,753 183.139.912 178,176,415 4,963,497 165,629,394 (31,975.037) (22,046.102) 9,928.935 (30,056,701) 30,618,349 30,750,042 131,693 32,393,093 (3,443,312) (3,290,586) 152,726 (1,926,656) 27.175,037 27,459,456 284,419 30,466,437 $ (4,800,000) 5,413,354 $10,213,354 409,736 7,378,679 7,202,363 (267,529) (233,420) 14,283 - $ 12,538,787 $ 7,378,679 A-28 F64" Review Fleaacid Printers, Miami, FL City of Miami -Preliminary Official Statement 1st Proof of 5/28/86 x 10+2 86-Ltmu t SCHEDULE B•1 CITY OF MIAMI, FLORIDA SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1985 With Comparative Totals for September 30, 1984 Miami Sports Downtown Federal Totals and Exhibition Development Revenue Rescue Community Cable Local Option Other Authority Authority Sharing Services Development T.V. Gas Tax Funds 1985 1994 - ASSETS s Equity (deficit) in pooled cash and investments ........ S — $ — $(2,149,539) $133.703 $(390,792) $3.786.376 $ — $1.977.230 $ 3,356,978 $2.679.536 Cash and cash equivalents .. 4,892,901 149,934 — — — — — — 5,042,835 34.969 Taxes receivable .......... 434.612 33.697 — — — — — — 468,309 290.287 Accounts receivable ....... — 72,875 — — 10,586 — — 21.452 104,913 100,671 Due from other funds ...... — 3,653 — — — — — — 3,653 6.267 Due from other governments . — — 2.180.257 — 913.058 — — 438,574 3,531,889 7,742,254 Other ............ .. . — 525 — — 2,501 — — — 3,026 29.866 Total assets ......... $5.327,513 3260,684 S 30,718 5133.703 S 535.353 $3.786.376 S — 52.437.256 $12.511,603 $10,883,850 LIABILITIES AND FUND BALANCES Vouchers and accounts payable ................ $ 48.104 $ 4,620 S — $ 8,115 $ 423.994 $ 7,422 S — S 120.720 $ 612,975 $1.688.049 Accrued expenses (principally salaries)..... — 11,136 — 7,050 — — — 1,430 19,616 35,603 i Due to other funds ........ 197,200 — — — — — — 776,322 973,522 548,100 Due to other governments ... — — — — — — — — — 95,396 Deposits refundable ....... — — — — 111.359 — — 175.176 286,535 244,645 Other payables ........... — — — — — — — — — 5,700 Total liabilities ........ 245,304 15.756 — 15,165 535,353 7,422 — 1.073,648 1,892,648 2,617,493 Fund balances: Unreserved— undesignated ........ 5,082.209 244,928 30.718 118,538 — 3.778.954 — 1.363.608 10,618.955 8,266.357 Total baaand funddliabilities es.... balances $5,327,513 $260.684 S 30,718 $133,703 $ 535.353 $3.786.376 $ — $2.437.256 S12,511,603 $10,833,850 A-29 TKAO F641if Rallew FianoW Priateax, Mimial, FL City of Miami --Preliminary Official Statement 1st Proot of 5/20/116 x 10 # 2 86-43U. TK;41 SCHEDULE B-2 CITY OF MIAMI, FLORIDA SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMBER 30, 1986 With Comparative Totals for Year Ended September 30, 1984 Miami Sports and Exhibition Downtown Development Federal Revenue Rescue Community Cable Local Option Other Totals Authority Authority Sharing Services Development T.Y. Gas Tax Funds 1985 1994 Revenues: Property tax collections ..... S — S 335,566 S - $ - S - $ - $ - $ - $ 335.566 S 874,147 Business and excise taxes... 5,519,191 — — 1,233,370 — — — — 6.752.561 4.360.463 Licenses and permits ...... — — — — — — — 1,275,000 Intergovernmental......... — 32,365 8.811.281 — 9.733.468 — — 4.277.091 22.854,205 24.272.693 Interest ................. 152,261 7.776 — 10.151 231,760 359,990 — 132.574 894,512 — Other ................... — 58.579 — 10,428 47,460 5.942 — 995.330 1,117,739 1,707,732 Total revenues ........ 5,671,452 434,286 8.811,281 1.253,949 10.012.688 36579 22 — 5,404,995 31,954,583 32.490,035 Expenditures: Public safety ............. — — —1,818.707 — — — 1,818,707 1,756,491 Grants and related expenditures ............ — — — — 9.585.168 — — 5,223.643 14,808,811 16,376,935 Economic development ..... — 945,324 — — — — — — 945.324 900,580 Other ................... 399,783 — — — — 799.598 — — 1,199,381 932,121 Total expenditures ..... 399,783 945,324 — 1,818.707 9.585.168 799,598 — 5,223,643 18,772,223 19,966,127 Excess (deficiency) of revenues over expenditures ........ 5,271,669 (511,038) 8.811.281 (564,758) 427.520 (433.666) — 181.352 13,182.360 12.523.908 Other financing sources (uses): Operating transfers in ...... — 772,095 — 511,434 — — — 628,896 1,912,425 219,662 Operating transfers out ..... — — (8,921,088) — (427.5201 — (2.997,041) (100,DD0) (12,445,649) (10.079.503) Total other financing sources (uses) •••••• — 772,095 (8,921,088) 511.434 (427,520) — (2,997.041) 528.896 (10,533.224) (9,859,841) Excess (defic my) of revenues and other financing sources over expenditures and other uses .............. 5,271,669 261,057 (109,807) (53.324) — (433,666) (2,997.041) 710,248 2,649.136 2.664.067 Fund balances at beginning of year........... (189.460) (16,129) 140,525 171.862 — 4.212.620 2.997,041 949,898 8,266,357 6.214,992 Equity transfers to other funds.. — — — — — — — (296,538) (296,538) (931,704) Equity transfers from other funds ............... — — — — — — — — — 319.002 Fund balances at end of year .............. $5,082,209 $ 244.928 S 30,718 $ 118.538 $ — $3.778,954 $ — $1.363.608 $ 10.618,955 $ 8.266.357 A-30 F6" Review Financial Printers, Mimed, FL City of Miami —Preliminary Official Statement 1st Proof of 5/28/86 X 19+2 cm�U G 4 TK:42 CITY OF MIAMI, FLORIDA MIAMI SPORTS AND EXHIBITION AUTHORITY, DOWNTOWN DEVELOPMENT AUTHORITY, FEDERAL REVENUE SHARING, RESCUE SERVICES AND CABLE T.V. SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET (GAAP BASIS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1986 With Comparative Totals for Year Ended September 30,1984 r Miami Sports and Exhibition Authority Downtown Development Authority Federal Revenue Sharing �- Variance Variance Variance Favorable Favorable Favorable f (Unfavor- (Unfavor- (Unfavor- Budget Actual able) Budget Actual able) Budget Actual able) Revenues: Property tax collections ............ S - $ - $ - $ 337,477 $335,566 $ (1,911) $ - ' $ - $ - Business and excise taxes ........................ 438,435 5,519,191 5,080,756 - - - - - - Licenses and permits .............. Intergovernmental ................ - - - - - - - - - 34,000 32,365 (1,635) 8,921,090 8,811,281 (109,809) ; Interest ........................ - 152,261 152,261 - 7.776 7,776 - - - Other .......................... - - - 13,684 58,579 44,895 - - - Totalrevenues ............... 438.435 5,671,452 5.233,017 385.161 434.286 49.125 8,921,090 8,811,281 (109.809) s Expenditures: - Public Safety ............ - - - - - - - Economic development ............ - - - 1,157,256 945,324 211,932 - - - Other .......................... 438,435 399.783 38,652 - - - - - - Totalexpenditures ............ 438,435 399,783 38,652 1,157,256 945,324 211,932 - - - Excess (deficiency) of revenues over expenditures .............. - 5,271,669 5,271,669 (772.095) (511,038) 261.057 8,921,090 8,811.281 (109,809) Other financing sources (uses): Operating transfers in ........... - - - 772,095 772,095 - - - - 2 Operating transfers out .......... - - - - - - (8,921,090) (8,921,088) Total other financing sources (uses) ............. - - - 772,095 772,095 - (8,921,090) (8,921,088) 2 Excess (deficiency) of revenues and other financing sources over expenditures and other uses ............. - 5,271,669 5,271,669 - 261,057 261,057 - (109,807) (109,807) Fund balances at beginning of year ......................... (189,460) (189,460) - (16,129) (16,129) - 140,525 140,525 - Equity transfers to other funds ......... - - - - - - - - Fund balances (deficit) at end of year ...................... S(189.460) $5.082,209 $5.271,669 $ (16.129) $ 244,928 $ 261,057 $ 140,525 $ 30,718 S (109,807) A-31 F6466 Review Flumlial Printers, Miami, FL City of Miami -Preliminary Official Statement 1st Proof of 5/211/86 x 10+2 8f - 43r' � p F G G SCHEDULE B-3 Rescue Services Cable T.V. Total Variance Variance Variance Favorable Favorable Favorable (Unfavor- (Untavor- (Untavor- 1994 Budget Actual able) Budget Actual able) Budget Actual able) Actual S - $ - $ - $ - $ - $ - $ 337,477 $ 335,566 $ (1,911) $ 874,147 1,252,400 1.233,370 (19,030) - - - 1,690,835 6,752,561 5,061,726 1,366,120 - - - 900,000 - (900.000) (900,000) - (900,000) 1,275,000 - 8,955,090 8,843,646 (111,444) 9,729.663 - 10,151 10,151 - 359,990 359.990 - 530,178 530,178 406.261 - 10,428 10,428 - 5,942 5,942 13.684 74,949 61,265 43,373 e 1.252,400 1,253,949 1,549 900,000 365,932 (534,068) 11,897,086 16,536,900 4,639,814 13.694,564 1,813,906 1,818,707 (4,801) - - - 1,813,906 1,818,707 (4,801) 1,756,491 - - - - - - 1,157,256 945,324 211.932 900,580 - - - 1,549,423 799,598 749,825 1,987,858 1,199,381 788,477 827.313 1,813,906 1,818,707 (4,801) 1,549,423 799,598 749.825 4,959,020 3.963,412 995,608 3,484,384 (561.506) (564,758) (3,252) (649.423) (433,666) 215,757 6,938,066 12,573,488 5,635,422 10,210.180 561,506 511,434 (50,072) - - - 1,333,601 1,283,529 (50.072) - - - - - - - (8.921,090) (8,921,088) 2 (9,987,341) 561,506 511,434 (50,072) - - - (7,587,489) (7,637,559) (50.070) (9,987,341) - (53,324) (53,324) (649,423) (433,666) 215.757 (649,423) 4,935.929 5,585.352 222,839 171,862 171,862 - 4,212,620 4,212,620 - 4,319,418 4.319.418 - 4,121,B41 - - - - - - - - - (25,262) S 171,862 $ 118,538 S(53,324) 53,563,197 $3,778,954 $ 215,757 $ 3,669,995 $9,255,347 $5.585,352 $4,319,418 A-32 TK:U F6" FAview Fiwueciel Peiatm. MimM. FL City of Miami -Preliminary Official Statement Ut Paoot of 5/2111" x 10+2 86-436 TK:42 SCHEDULE 8-3 Rescue Services Cable T.V. Total Variance Variance Variance Favorable Favorable Favorable (Unlavor- (Unlavor- (Unlavor- 1984 Budget Actual able) Budget Actual -able) Budget Actual able) Actual S - $ - $ - $ - $ - $ - $ 337,477 $ 335,566 $ (1,911) S 874.147 1,252,400 1,233,370 (19.030) - - - 1,690,835 6,752.561 5,061.726 1.366.120 - - - 900,000 - (900.000) (900,000) - (900,000) 1,275,000 - - - - - - 8,955,090 8,843,646 (111,444) 9.729.663 - 10,151 10,151 - 359,990 359,990 - 530.178 530.178 406,261 - 10,428 10,428 - 5.942 5.942 13.684 74,949 61.265 43,373 1,252,400 1,253,949 1,549 900,000 365.932 (534,068) 11,897.086 16.536,900 4,639,814 13,694.564 1,813,906 1,818,707 (4,801) - - - 1,813,906 1,818,707 (4,801) 1,756,491 - - - - - - 1,157,256 945.324 211,932 900,580 - - - 1.549,423 799.598 749.825 1,987,858 1,199,381 788,477 827,313 1,813,906 1,818,107 (4,801) 1,549,423 799,598 749,825 4,959,020 3,963,412 995,608 3.484,384 (561,506) (564,758) (3,252) (649,423) (433,666) 215,757 6,938,066 12.573,488 5,635.422 10,210.180 561,506 511,434 (50,072) 561,506 511,434 (50,072) - 1.333,601 1.283,529 (50,072) - - - - (8,921,090) (8,921,088) 2 (9,987,341) - (7,587,489) (7,637,559) (50.070) (9,987,341) - (53,324) (53,324) (649,423) (433,666) 215,757 (649,423) 4,935,929 5,585.352 222,839 171,862 171,862 - 4,212,620 4.212,620 - 4.319.418 4,319.418 - 4,121.841 - - - - - - - - (25,262) $ 171,862 $ 118,538 $(53,324) $3.563,197 $3,778,954 $ 215,757 $3,669,995 $ 9,255,347 $5,585,352 $4,319,418 A-32 F6166 Review Ftosociel Printers, Miami. FL City of Miami -Preliminary Official Statement 1st Proof of 5/29/86x 10+2 86-436 r i zG1 T 7-- -- ---- -- 'SF a , r �Zi F SCHEDULE C•1 CITY OF MIAMI, FLORIDA - DEBT SERVICE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1985 Nth Comparative Totals for year ended September 30, 1984 t ' General Utilities € Obligation Service Totals Bonds Tax Bonds 1985 1984 = ASSETS Equity (deficit) in pooled cash and investments Cash with fiscal agents .... . Receivables: Taxes ............ Assessment liens, net .. . . Other .... .. Total assets . . LIABILITIES AND FUND BALANCES Liabilities: Matured bonds and interest payable ...... ......... . Other payables ............ Total liabilities Fund balances: Reserved for debt service Unreserved: Designated for subsequent year's expenditures .. Undesignated , .. . Total fund balances . Total liabilities and fund balances . ..... A-33 $7,895,581 $1,307.479 $ 9,203,060 $7,886,900 — 253,395 253,395 272,322 413,887 — 413,887 122,500 414,730 — 414,730 302,760 — 2,490 2,490 563 $8,724,198 $1,563,364 $10,287,562 $8,585,045 $4,162,408 $ — 8,414 — 4,170,822 — — 253.395 $ 4,162,408 $2,671,687 8,414 92,929 4,170,822 2,764,616 253,395 272.322 1,762,711 — 1,762,711 2,106,500 2.790,665 1,309,969 4,100,634 3,441,607 4.553,376 1,563,364 6.116,740 5,820,429 $8,724,198 $1,563.364 $10,287,562 $8,585,045 TKA4 F6466 Review Financial Priatets, Miami, FL City of Miami —Preliminary Official Statement 151 Pro!+f Of 5/28/36 x to+2 86-4136 LI r'W_ to TK:45 CITY OF MIAMI, FLORIDA DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMBER 30, 1985 With Comparative Totals for Year Ended September 30,1984 General Utilities Obligation Service Bonds Tax Bonds Revenues: Tax collections Assessment lien collections Interest . . Other ...... . Total revenues Expenditures: Principal retirement Interest and fiscal charges Other ........ ...... ..... Total expenditures ... Excess (deficiency) of revenues over expenditures Other financing sources (uses): Operating transfers in (out) .. . Debt proceeds . . Debt retirement .. . Excess (deficiency) of revenues and other financing sources over expenditures Fund balances at beginning of year ... . Equity transfers in (out) .. . Fund balances at end of year . . A-34 L SCHEDULE C-2 - Totals 1985 1984 $17,489,346 $23,788.907 $41,278,253 $35,522,196 2.799,998 — 2,799,998 2,742,720 1,283,469 73,607 1,357,076 1,352,450 — — — 1,656 21,572.813 23,862,514 45,435,327 39,619,022 10,010,000 150,000 10,160,000 9,720,000 12,540,227 17,775 12,558.002 7,947,041 17,317 3,472 20,789 70,891 22,567,544 171,247 22,738,791 17,737,932 (994,731) 23,691,267 22,696,536 21,681,090 — (22,400,225) (22,400,225) (22,300,752) 12,000,000 — 12,000,000 — (12,000,000) — (12,000,000) — (994,731) 1,291.042 296,311 (419,662) 5,548,107 272.322 5,820,429 7,076,984 — — — (836,893) $ 4.553,376 $ 1,563,364 $ 6,116,740 $ 5,820,429 F6466 Review Financial Printers, Miami, FL City of Miami —Preliminary Official Statement 1st Proof of 5/28/86 x 10 t 2 86--43b"' J CITY OF MIAMI, FLORIDA SCHEDULE C•3 DEBT SERVICE FUNDS REVENUEXPENDITURES COMBINING INFUNDBALANCES BUDGET (G'AAP BASIS) ANDACTUALCHANGES AL YEAR ENDED SEPTEMBER 30, 1985 With Comparative Totals for Year Ended September 30,1984 General obligation Bonds Utilities Service Tax Bonds Total 1985 — I985 1985 Variance Variance Variance Favorable Favorable Favorable iuntavor- 1984 iUUnfavor- 1984 1Actual { Budget Actual able Actual Budget Actual _ able) Actual Budget— Actual able) _ Revenues: $17 489,346 $ 149.806 $13,050,096 $22.568.500 $23,788,907 $i.220.a07 $22.a72-100 $3Z �2.799,998 $ t 299.998 $32.742,720 Tax coilecbans Assessment lien collections $17.339.540 500.000 2.500.000 2.799.998 299.998 2.742,720 -- 73.b07 73.607 97,767 1.000,000 1.357.076 357,076 1,352,450 Interest .. .. 1,000.000 1,283,469 283,469 1,254,683 -- — 557 — — i 656 Other ....-.. — 1,099 — — 17,048,598 22.568.500 23,862.514 5.294.0)4 22.570.424 43,408.040 45.435.327 2.027,287 39.619.022 Total revenues .., 20.839.540 21.572.613 733.273 Expenditures: Principal rebtement. Long-term debt w interest and fiscal charges H Other .... Total expenditures . Excess (deficiency) of revenues over expenditures .. .. Other financing sources (uses): Operating transfers out .. Debt proceeds .. Debt retirement ... Excess (deficiency) of revenues and other financing sources over expenditutes and other uses .. .. Fund balances at beginning of year Fund balances al end of year . 12,866.040 12.5 0,227 5.813 117,775 150A00 150,000 to,165A00 10.160,000 12.883,815 12,558.002 5.000 325.813 9,120,000 7,947,041 12.B66A00 12.517,317 7,924.316 325.813 7,970,731 i7.500 13.472 22.725 — 160 65.500 20. 789 44.711 70.891 fi5,000 17.317 47.6B3 70.731 500 3.472 (2972) 23.114.315 22.738.791 — 375.524 22,946.040 22.567.544 _...... 378.496 17,565,047 168.275 171,247 (2.972) 172,885 — -17.737,932 12.106,5001 1994, 731) 1,111.769 (516,449) 22,400.225 23,691,267 1.291,042 22,397.539 20.293,725 22.696.536 2,402,811 21 881.090 (22,400,225)122.400,225) — 122,300.752) (22,400.225)122AW225) -- (22.300.7521 12.000.060 12.000.000 12,000.000 12.000.000 -- — — — — _ _ — (12,000.000)(12,00000)____ (12.000,000)02,000.000) (2.106,500} i994,7311 1.111.769 (Si6.449! — 1,291,042 1.291,042 97.787 (2.106.500) 296,311 2A02.811 7.016.98.1 i75.535 5,820,429 5J820.429 _(83&8931 5,548,107 5,548,107 -- 6,064,556 _ 272,322 272,322 — — --- $ 3,441.607 $ 4,553.376 $ 1,111.769 $ 5,548,107 $ 272.322 $ 1.563,36d $1,291.042 $ 273,322 $ 3.713.929 $ 6.t t6.740 $ 2,d02.811 $ 5.820.429 II E CITY OF MIAMI, FLORIDA CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1985 With Comparative Totals for Year Ended September 30, 1984 ASSETS Equity in pooled cash and investments ......... .... ... . Accounts receivable ................. . Due from other funds ..... .... . ...... ........... . Due from other governments ....... .. ..... . ...... Other assets ...................................... Total assets ....... . f. e w SCHEDULE D•1 - Street Improvements/ Culture b Municipal Public Totals Tratllc-Rotated Recreation Use Use Sewers 1985 1984 $14.558,103 $1.212,519 $17,201,350 $13,880.973 $21,416,193 $68,269,138 $49,952,362 30.000 2.796.159 — — — 2.826,159 451,226 — 172,600 — — — 172,600 172,600 863.102 178.099 — 239,764 — 1,280,965 3,531.042 58.765 — — — — 58,765 35,000 $15,509,970 $4.359,377 $17,201,350 $14.120,737 $21.416,193 $72.607,627 $54,142,230 LIABILITIES AND FUND BALANCES Liabilities: Vouchers and accounts payable ....... ............ .. $ 1,374.851 $ 319.639 $ 949,819 $ 239,942 $ 331,371 $ 3,215,622 $ 2,181,767 Accrued expenses ......... .. .............. .. — — 1,234 — — 1,234 469 Due to other governments ... ........... ...... .. — — — — — — 2,720 Total liabilities .................. .... .. 1.374.851 319.639 951.053 239,942 331,371 3.216,856 2,184.956 Fund balances: Reserve for encumbrances ................. . . . .. 3,078.579 1,117.863 3.617,720 585,468 1,333.073 9,732,703 4,099,236 Unreserved —designated for approved projects ....... . 11.056,540 2.921.875 12,632,577 13,295,327 19.751,749 59,658,068 45,689.167 Unreserved—undesignated ........... ..... ... .. — — — — — — 2.168,871 Total fund balances ..................... 14,135.119 4.039.738 16,250.297 13.880.795 21.084.822 69,390,771 51,957.274 Total liabilities and fund balances .. .... . $15.509.970 $4,359,377 $17,201,350 $14,120.737 $21.416,193 $72,607,627 $54,142,230 A-36 TK..48 F6466 Review Fiaanciel Printers, Miami, FL City of Miami —Preliminary Official Statement lit Proof of 5/28/86 x 10+2 86-43C* IB Y TK:49 SCHEDULE D•2 CITY OF MIAMI, FLORIDA CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMBER 30, 1985 VAth Comparative Totals for Year Ended September 30, 1984 Street improvements/ Culture 8 Municipal Public Totals Traffic -Related Recreation Use Use Sewers 1985 1984 — Revenues: Franchise taxes ............ ......... ... ... $ — $ — $ — $ — $ — $ — $ 4,509,656 Intergovernmental ................. 30.000 808,542 — 1,636,157 — 2.474,699 3,535.211 interest .. .. .. ...... ........ ........... 1,016.566 835,906 1.199.485 1,907,711 1.767.722 6.727,390 4,054.523 Other ............. . ..... .. ... 10.600 85,128 — 278,680 171 374.579 684,029 1.057.166 1.729.576 1,199.485 3.822,548 1.767.893 9,576,668 12.783,419 Expenditures: Capital projects .. . ....................... ... 8,653,257 2.675.210 5,511.089 6,515,930 4.047,486 27,402,972 25,024,559 Excess deficiency of revenues over expenditures ........... (7,596.091) (945,634) (4,311,604) (2,693,382) (2,279,593) (17,826,304) (12,241.140) Other financing sources (uses): Operating transfers in .... .. .... ...... ..... .. 5,659,531 892,690 1.365.092 1.442,753 — 9,360,066 998,400 Operating transfers out .... ..... ... .... .... (343,914) (4,154,500) (800) — (2,768.711) (7,267.925) (6,547,395) General obligation band proceeds ...... ..... 6.000.000 — 10.000,000 — 17,000,000 33,000,000 30,200,000 Total other financing sources (uses) . ....... 11.315,617 (3,261.810) 11,364.292 1,442,753 14.231.289 35,092,141 24.651.005 Excess (deficiency) of revenues and other financing sources over expenditures and other uses ..... 3,719,526 (4,207,444) 7,052,688 (1,250.629) 11.951.696 17,265.837 12.409,865 Fund balances at beginning of year ...... .. .. 10.415.593 8,189.877 9.087,254 15.131,424 9,133.126 51,957,274 39,454,384 Equity transfers to other funds ........ ..... .... — (14,283) (47,665) — — (61.948) 115.214,056) Equity transfers from other funds .... .... ............. — 71,588 158,020 — — 229,608 15.307,081 Fund balances at end of year ............... ........... $14.135,119 $4,039,738 $16.250,297 $13.880.795 $21.084,822 $69.390,771 $51,957,274 A-37 F6466 Review Fluumciai Prfaterc, Miami. FL City of Miami —Preliminary Official Statement 1st Proof of 5/28/86x 10+2 86 -436 v lx Yi M�•. �. _ V U. J SCHEDULE E-1 CITY OF MIAMI, FLORIDA ENTERPRISE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1985 With Comparative Totals for September 30,1984 Oft -Street Marine Orange Miami Bowl Convention Mrshouse Parking Property and lase Totals Parking Stadium Stadium Stadium Center Marinas Auditoriums Golf Property Garage Management 1985 1984 ASSETS Current assets: Equity (deficit) in pooled cash and investments ... ... $ — $ (166,605)$ (334,291)$ (222.837) $(T,365.5081$2,339.227 $ (293.227)$ (470.436)$113.804 $ 513,100 $ 10.927 $ 124,154 S (1.879.848) Cash and cash equivalents 4,257.977 — — — — — — — — — — 4.257,977 3.536.146 Accounts receivable (net, where applicable of allowances for uncolleaibles of $374.275). 153.262 22,258 1,793 411.573 468,805 41.423 34,631 9,987 — — 108.845 1.252,577 920,051 Due from other governments ... — — — 263,441 — — — — — — — 263,441 1,399,606 InJenfories .... .. 110,795 — — — — — — — — — — t10,795 114.894 Prepaid expenses .. 333,366 — — — 92.601 — — — — — — 425.967 133,590 Total current assets.. 4.855.400 (144,347) (332,498) 452,177 (804.102) 2,380,650 (258,596) (460.449) 113.804 513,100 119.772 6,434.911 4.224.439 Restricted assets: Cash and investments with fiscal 00 agent including accrued interest 2,657.842 — — — 9,709,170 — — — — 1.786,587 — 14.153.599 15,636.259 Due from other governments, long-term — — — — — — — — — — — — 366.467 Property, plant and equipment 24,576,131 2,079.825 2.130.696 13,015.540 87.109.735 5.288.738 4.712.513 1.669.462 518,864 8.412.660 2.287,875 151.802.039 147,858,840 Less: Accumulated depreciation .. (6,656,312)(1.383.708) (941.695) (6,573,876) (3,801,348)(2,857.874) (1,276,318) (727.969) (222,497) (369,870) (59.079) (24,870.546) (21,639.502) Property, plant and equipment, net.... .. 17,919,819 696,117 1,189.001 6,441.664 83.308.387 2.430.864 3.436.195 941,493 296.367 8.042.790 2,228.796 126.931.493 126.219.338 Other assets: Deposits and other assets .. 474.831 — — — — — — — — 66,488 — 541.319 50.000 Bond issuance costs, net . 147,930 — — — 1.790,875 — — — — 471,701 — 2,410.506 2.469.125 Total assets... $26.055.822 $ 551.770 $ 856.503 $ 6.893,841 $94,004,330 $4,811.514 $3.177.599 $ 481.044 $410.171 $10.880.666 $2.348.568 $150,471.828 $148,965.628 .1 ) r u ViA 7 CITY OF MIAMI, FLORIDA SCHEDULE E-1 (Continued) ENTERPRISE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1985 With Comparative Totals for September 30,1984 Property Totals Orange Warehouser oU-SUeet Marine Miami Bowl Convention 6011 Property Parking and Lease Gara a Management 9 19a-- 5 �g�4-- Parking Stadium Stadium Stadium Center Marinas Auditoriums LIABILITIES AND FUND EOU17Y Current liabilities (payable E 31,152E E 984.934E 1.479.592 tram current assets). E 611,173 E 4A36 E 17,360 E 93376 S 75,548E 84.250E 31,626E 32,126 $ - Vouchers and accounts payable 9,37 - 9,375 150.201 207,927 201,9 Accrued expenses - - 6.753 3a.147 6.159 13.502 15,233 61-032 - - _ ._ (principally salaims) - '24.225 4,090 - 11.578 637.U27 8:13Ba8 3.848 Due to other lunds .. 482.349 2500 boo 111,785 ._ - - 30 - - 13,471 122,321 102,969 Deferred revenue ... - 98.505 - - - t0.315 - De{wsils refundable -- Total current liabilities (payable from 81,107 108.067 71,084 93.i88 4.490 31,152 38 fill 1,894483 2.63U.00 current asselsi - 1.192,027 6.636 24,613 243,308 Current liabilities (payable - 15.070 33.BBa from restricted assets) - - - _ _ - 15.350 - 289,111 - 22530 2.190.891 Construction contracts 680 074 - - - 1.284,885 - - - Accrued interest - 16000U 22U t100 Curren portion of - - __ __ - _ - xo revenue bonds payable WOOD -- _ b Total current liabilities '1.a29420 2444.77) {payable tram 1 300.235 - - -` - reslocled assets) 840,074 -- - 98.000 - - 71,739641 81 Long term liabilities. 58467_ ,- 13,173, 118 -- - - ,923 Revenue bonds payable -net - 13.3ta _ ' Special obligation bonds _ - -. - - - 13318.994 - 1 (ig i69 10.127 payable -net _ - .. _. .. -- 1,769 - Other potables _ -_-- - 99,769 13,318.994 -- 8S.Oa6.404 - 8L9a'L 15S Total longterm )mbibUes 13.113,718 - - - 58467973_ _� _. �_._ 7i084 93.78a 103.859 - --- 13.63925T 3a.6t1 89384.307 _ 87,017.531 6,636 24,613 243.308 59.849.a65 108087 Total lldbdlh¢5 15.205.1319 Fund equity: 3,929.646 41243,798 287403 5407.505 392.TIa - 633,900 2,286.6a1 585:f9.ISt 56.OiSB45 Coninbuted capital 276.753 675.161 1.406,186 Retained earnings (delicdl 1.491,475 - I t.7244 179 13.191.'180 Deserved for construction and revenue bond retirement .... I.817,768 - - - 8,408.935 - - - - 2.720.887 117.,%W2681 4AI6.044 (2.300.990) 14,862) 306.312 {4,889.967I 23.276 (9,t76499) 47,259. 1 Unreserved . . ..., 8,755.482 (130,027) (574,296) Total retained earnings (574,296) 2,720,887 (9089,333? 4416.Og4 f2,3UU.990) (a.862) 306.312 t3,192A91t 23.276 2.547.170 5.932.246 61,948091 (Geficil) 10,573.250 1130.027) 34,154.465 4.703447 3.106.515 387.956 306.312 (2,758,5911 2,309,957 61087.521 Total land equity (0¢ticlt{.... 10,850.003 545.134 83/.890 6,650.533 $10880,666 $2.348,568 E150A71828 Ew8,965.628 Total liabilities and $26.055.822 $551,770 E 856,503 E6,893,841 $940044330 $4,811.514 $3.177 599 E481,044 $410.171 lurid equity ..... .. 'N" V SCHEDULE E-2 CITY OF MIAMI, FLORIDA ENTERPRISE FUNDS STATEMENT OF REVENUES, EXPENSES AND COMBINING CHANGES IN FUND EQUITY YEAR ENDED SEPTEMBER 30, 1985 Totals for the Year Ended September 30, 1984 With comparative Property Totals Orange Warehouse Parking and Lease Bowl convention Gall Property Garage Management 198 1984 Off-street Marine Miami Stadium Stadium Stadium center Marinas Auditoriums Parking- 953,590 S 25.594 $ 201*895 51.329.802 518.954.363 $14.893.830 Operating revenues. $ 532.792 $ $256.025 $ 182,090 $3,192.478 S 3.327.341 $1.356.039 - FL for $ 7.596.717 170.116 5,174,561 5.976.977 charges services 1.072.764 208. IoS 285.902 258.564 745.070 167 i9l,761 24.197 4,641.081 2.593.615 Operating expenses 2.267,728 24.901 141�244 68,422 321,570 3.493,270 14.50 4 147,515 - 200 5.183 924.014 949.216 Personal services 30.442 342,314 7,086 0 14.434 171.342 - 2.495 20.09 3GO 28 1,098.426 1.803.923 Contractua I services 569.032 12,245 27.028 101.9135 177.261 96.840 - 4.416 46,617 6.562 967.583 873,826 Materials and supplies 41fi.220 28.754 90.809 237.181 - 2.031 28,866 124.457 146,293 ib.609 1.314,53a 2.019.195 Utilities InlragoveTrimenlalchalges 1,015 483,877 54,482 12 209.284 11.390 19,946 11.818 - 2.590 - 5.691 - - - - 192.261 221.bT3 14.120.203 14,117.352 Other 1.038.220 167 410.538 2.221038 3,919,601 407.369 742,177 - 1.239.785 - Totals 4.633 514 130.058 . - - - 1 25.427 (286.195 9,634 1.108,101 4.834.160 776,478 O Operating income 1loss) before 2.90.203 125.967 (228.448) 969.440 (592.260) 948.670 1209.395!1 145.748 44.464 12,972 148.787 59.079 - 3.543.812 - 3.355,359 depreciation expense 380.17b 1.530,697 172.090 936,666 81.918 31.275 - (330.659) 12,455 (139.153) 1.049.02B 1.290.298 (2.578.880) - 0 Depreciation expense 957) 776.580 (355.133) 2.026,537 44.049 (259.7231 589,264 (2,122. - - 11 > operating Income (IOSS) - - 27.746 IQJ08 144,885 9 284 2 074.621 2.148.514 7031 9 Nonoperaling revenues (expenses) 1.118,140 172.073 592.385 (6.588) (1.322.276) - (7,850.741) (8.176 i8l.643 Interest Interest and fiscal cliaiges (1.383.122) - - t5.139.755l, - - 125 25 45.128 - 60.090 (203)_31.457 - - 285 9 11.177.3911 569 (5,833.816) (5.846.546) Other (194.bI33) 125 25 45.128 (4.020.615) 232,163 (203) 59.203 3.520 (1,316.544) 1 058.597 (4.543,528) (8.425 426) Net nonopefating revenues ( expenses) j995.3401 561 15975 634.392 (6.143.572) 1.008.743 (355.336) (271.4 - t,408,606 5,381.079 7,379 451 Income (loss) before operating jjansiev5 (259.6981 1,041j97 44.174 112.404 3.428.1582 - 431.387 - - - (730.251 (1.035.3211 0.13139.2211 (136 300) O Operating transterS in - - (99,0(10) (134.655) Operating transfers out - - (271.4561 15,975 (638.1 89) 23.216 (1.16i.U(i) (1.182.275) Net income (loss) before 1.041,197 44.174 (147.294) 634,392 (2.714.8901 9 09.743 j58.604) - (2.468,039) 799.966 extraordinary AM - t2.41511.0391 EKitaoidina(V item -gam (loss) - - - 15.97S 23. 27b (3.1529.115) (382.309) on debt refinancing - (2,714.890) 909.743 (58.604) (271,45fj) 1.041.197 174 (147.294) 634.392 5.932,146 6.319.752 Net income (loss) 3 (2,513.920) 266. 594 290,337 (286.263) 245.239 (65.197) Retained earnings (deficits) .505.512 9.532,053 (174.201) J427,0021 2.113,579 (6,374.443) - 789 27f.534 - 2.547.770 5.932,246 "A at beginning of year Equity transfers in (Out) - (27.084) - - 621 306,312 - (4.9 2,720.887 (9.089,333) 4.416.044 (2.300.990) (3,392.49 11 23.276 56.015 845 54.085.638 Retained earnings (deficit) at end ol year (574.2961 10.573.250 (130.027) - 18 3.666.205 43.243,798 295.356 5.600.0 it 3923 633,900 418,441 447,094 o Contributed capital at beginning Of Year 121.753 674.755 1.397.349 - - - 263,441 - - - 240.000 1.243.113 CA Contributions from other governments 155.000 2.286.681 2.105,465 - - Contributions from tenants 2.047 t192.506) 406 8.837 - - 633,900 2.286.681 58.539,751 - 56.015.845 - Contributions ljorn (to) other funds - - 392.718 - - 798 297.403 5A07.505 675.161 1.406,186 3.929.646 43.243. - - S(2,758.591) $2 309. 957 361.087.521 $61,948.091 Contributed capital at end of year 276.753 $34,154.465 SC703. 447 $3.106.515 $ 387.856 $306.312 X $10.850,003 $545.134 S 831,890 $6.650.533 Total fund equity F, A t CITY OF MIAMI, FLORIDA ENTERPRISE FUNDS SCHEDULE E•3 COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION YEAR ENDED SEPTEMBER 30, 1985 With Comparative Totals for the Year Ended September 30,1984 it orange 011•Street Marine Miami Bowl Convention Warehouse Parking PreLeasseperty and Totals a Parking Stadium Stadium Stadium Center Marinas AuVoriums Golf Property Garage Management 1985 1994 Working capital provided by (applied to). t2 Operations: .0 Income(loss)before extraordinary item $1,04f.197 $ 44,174 $(147.294)S 634.392 $(2.714.890)S 909.743 S(58,604) $(271,456) $15,975 S (638,189)$ 23,276 $ (1,161.676)$ 0.182.275) o Items not requiring current outlays of working capital Depreciation and amortitatron 1,159.358 81.918 31.275 380,176 1.651,202 172,090 145.748 44.464 12.972 157.320 59.079 3.895.602 3.617.254 Loss (gam► on dispositions of property, plant and equipment, net - - - - - - - (5,514) 189.971 - 243 184.700 42,203 ;n Total provided by (applied to) operations r before extraordinary item 2.195,041 126.092 (116.019) 1,014.568 11,063.688) 1.081,833 277,115 (226,992) 28.947 (480,869) 82.598 2.918.626 2.537,182 Extraordinary item -gam (lossi A on debt refinancing - - - - - - - - _ - 12.468,039) 12.468,039) 799.986 Total provided by operations 2.195.041 126.092 (116.019) 1.014.568 (1.063.688) 1,081.833 277,115 (226,992) 28,947 (2.948,908) 82.598 450.587 3.337.148 c -•, Other $ (Increase) decrease in restricted accounts (139,6621 -- - - 1,831,029 - -- - - (159,065) - 1.532.302 92.546 Contributions and equity transfers, net 15S.000 406 8.837 236.357 - 2,836 79,028 - - - 2.286 681 2,769.145 1,865.010 (• > Proceeds lrom long-term debt - - - - - -- - - - 13,720.000 - 13,720.000 13,705,000 Increase in other liabilities - - - _ - _ _ - - - _ - 2.303 _^ Total 2.210.379 126.498 (107.182) 1,250,925 767.341 1.084.669 356.143 (226.992) 28.947 10.612.027 2.369.279 18.472.034 19.002,007 H Working capital applied Additions of property. p plant and equipment. net S65.011 213 142.743 728.502 374,933 309.606 4,559 27.039 -- - 2,288.119 4.440.725 3.560.571 Retirement of revenue bonds payable 160.000 - - - - - - - t7.000 10.345 000 - 10.522.000 14A 81 000 !b Increase in bond discount - ` - - - - - - - 222.921 - 222.921 124.613 Decrease in other liabilities 8.023 - - - - - - - 336 - - 8.359 - Increase in other assets. net 308.481 - - - - _ _ _ _ 22959 - 331.440 68 873 Total 1.041.515 213 142,743 728.502 374,933 309.606 4.559 27.039 17.336 10.590 880 2.288.119 15,525.445 17.935.057 Increase(decrease)in working capital $1.168.864 $126.285 $(249.925)$ 522,423 S 392.408 S 775.063 $351.584 $(254.031) $11.611 $ 21.147 $ 81.16u $ 2.946.589 S 1.066,950 Summary of increase (decrease) in working capital V Cash and investments $ 721.831 $ 93.422 $(322,716)S 164,729 $ 1.373.354 $ 622.191 $279.513 $(245,182) $ 9.3346 $ 18,417 S 10.927 S 2.725,832 $ 2,324 063 b3 Accounts receivable. net (12.777) 10.173 (655) 232.722 (52.498) 41.423 18.172 (12.881) 108 845 332.524 (309.038) O Due from other governments - - - (42.165 (1,094.000) 1 - - - - - - It.t36.1651 (2.694.394) u Inventories . (4,099) - - - - - - -- - - - (4.099) 32,100 Prepaid expenses � Pe Accounts 203,336 - - - 89,041 - - - - - 292.377 124,138 payable and accrued expenses 211,684 17,440 72.700 26.564 76.511 11t.879 48.674 4.032 _ 2,730 (13.5631 S58.651 (584.581) Due to/from other funds - - - - - - _ - - - - - 2.407.946 o Deposits refundable (10.447) 4.250 746 - 1430) - - - - - (13A71► (19.352► 28.328 + Deferred revenue . .. 59.336 1.000 - 140.573 - -- 5.225 - 2,265 - (11,578) t96,821 (261.612) W w Increase(decrease)in working capital $1,168.864 $126.285 $(249.925)S 522.423 $ 392,408 $ 775.063 $351.584 $(254,031) $11.611 $ 21.147 S 81.160 S 2.946.589 S 1.066.950 a . Tr•.o .: � tern ,�I,.�.��,,,.� I TK:58 ASSETS Current assets: Equity (deficit) in pooled cash and investments .... Inventories ............. Total current assets . . Property, plant and equipment ............. Less: Accumulated depreciation ....... Property, plant and equipment, net .... Total assets ........ LIABILITIES AND FUND EQUITY Current liabilities: Vouchers and accounts payable ............... Accrued expenses (principally salaries) ..... Total liabilities ...... Fund equity (deficit): Contributed capital ....... Retained earnings (deficit) .............. . Total fund equity (deficit) .......... Total liabilities and fund equity (deficit) SCHEDULE F•1 CITY OF MIAMI, FLORIDA INTERNAL SERVICE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1985 VAth Comparative Totals for September 30, 1984 City Motor Property Print Stationery Communications Totals Garage Pool Maintenance Shop Stock Services 1985 1984 $ 4,663,521 $4,605,582 196,405 210.263 4,859,926 4,815,845 15,671,200 8,030,097 (5,092,904) (5,382,331) 10,578,296 2,647,766 $15,438,222 $7A63,611 $542,542 $(258,994) $(19,146) $1.331,476 155,621 23,702 88,178 134.146 698,163 (235,292) 69,032 1,465,622 314,109 141,257 - 3,003,247 (201,005) (74,006) - (1,232,003) 113,104 67,251 - 1,771,244 $811,267 $(168,041) $ 69,032 $3,236,866 $10,864,981 $ 8,633.417 808,315 717,610 117673,296 9,351,027 27,159,910 25,208,368 (11,982,249) (10,382,644) 15,177,661 14,825,724 $26,850,957 $24,176,751 $ 345,112 $ 208,444 $ 70,895 $ 15,695 $ 8,032 $ 127,245 $ 775,423 $ 850,105 167,337 97,965 126,304 14,688 1,434 47,632 455,360 391,946 512,449 306,409 197,199 30,383 9,466 174,877 1,230,783 1,242,051 4,550,294 1,813,612 272,199 178,170 - 2,140,823 8,955,098 8,800,795 10,375,479 5,343.590 341,869 (376,594) 59,566 921,166 16,665,076 14,133,905 14A25,773 7,157,202 614,068 (198,424) 59,566 3.061,989 25,620,174 22,934.700 $15,438,222 $7,463,611 $811,267 $(168,041) $ 69,032 $3,236,866 $26,850,957 $24,176,751 A-42 F6466 Review Financial Priaters, Miami, FL City of Miami -Preliminary Official Statement 1st Proof of 5/28/86:k 10+2 SG-436: SCHEDULE F•2 CITY OF MIAMI, FLORIDA INTERNAL SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND EQUITY . YEAR ENDED SEPTEMBER 30, 1985 ar, Ab With Comparative Totals for Year Ended September 30, 1984 ¥ City Motor Property Print Stationery Communications Totals . Garage Pool Maintenance Shop Stock Services 1985 1984 Operating revenues- '`'' charges for services ...... $ 5,488.663 $4,839,649 $3.553,765 $ 527,950 $337.525 $3,051.657 $17,799,209 $17,145,809 Operating expenses: Personal services ........ 2.326,120 1.724.596 2,059,299 248,385 33,580 798,586 7,190,566 6,731.258 Contractual services ...... 160,333 103,971 664,869 185,134 15.398 59,421 1,189,126 1,288,112 Materials and supplies ..... 1,116,881 1,364,908 596,573 98.362 294,865 120,318 3,591,907 3,411,124 Utilities ................ 100,357 74,984 24,423 5,913 - 1,579,616 1,785,293 1,633,738 Other .................. 591,108 2,498 608 1.431 1,511 2,892 600,048 232,899 V ' Total ............. 4,294,799 3,270,957 3.345,772 539.225 345,354 2.560,833 14,356,940 13,297,131 _ Operating income f before depre- ciation expense ,... 1,193,864 1,568.692 207.993 (11,275) (7,829) 490,824 3,442,269 3,848,678 Depreciation expense ...... 1,226,691 879,959 13,667 13,143 - 320,580 2.454,040 2,658,000 Operating income _ (loss) ... .. . (32,827) 688,733 194,326 (24,418) (7,829) 170,244 988,229 1,190,678 '{ Nonoperating revenues (expenses): i- g Interest ................ 396,891 353,873 - - 360 84,942 836,066 717,420 ` ' Other .................. 150,304 219,243 338.654 5 - - 708,206 225,970 Total nonoperating revenues (expenses) 547,195 573,116 338,654 5 360 84,942 1,544,272 943,390 xf� ; Income before operating transfers . 514,368 1,261,849 532,980 (24.413) (7,469) 255,186 2,532,501 2,134,068 Operating transfers in ..... 375,913 - - - - - 375,913 461,995 ,;. ;• _, Operating transfers out .... - (168.602) (153,694) (20,207) -- (33,410) (375,913) (461,995) Net operating {"iii � ` " transfers ......... 375,913 (168,602) (153,694) (20,207) - (33,410) r Net income ........ 890,281 1,093,247 379,286 (44,620) (7,469) 221,776 2,532,501 2,134,068 Retained earnings (deficit) at beginning of year ....... 9,485,198 4.250,343 (37,417 ) (331,974) 67,035 700,720 14,133,905 12,157,338 Equity transfers from (to) h§„ Y r3,'5. other funds Retained earnings (deficit) - - - - - (1,330) (1,330) (157,501) at end of year 9........... 10,375,479 5,343,590 341.869 (376,594) 59,566 921,166 16.665,076 14,133,905 Contributed capital at 8 beginning of year......... 4,478.771 1,742,021 271,755 178,170 - 2,130,078 8,800,795 7,865,303 rr Contributions from other funds ............. 71.523 71,591 444 - - 10,745 154,303 935,492 Contributed capital at end of year .............. 4,550,294 1,813,612 272,199 178,170 - 2,140,823 8,955,098 8,800,795 A ' Total fund equity (deficit) ......... 1 $14,925,773 $7,157,202 $ 614,068 $(198,424) $ 59,566 $3,061,989 $25,620,174 $22,934,700 A-43 TK:57 F6466 Review Financial Printers. Miami, FL City of Miami -Preliminary Official Statement 1st Proof of 5/28/86 x 10+2 tQa. -436 ' TK-58 Working capital provided by (applied to): Operations: Net income (loss) ........ Items not requiring current outlays of working capital: Depreciation ......... Loss on dispositions of property, plant and equipment, net Total provided by (applied to) operations ........ Contributions and equity transfers, net ......... . Total ............. Working capital applied: Additions of property, plant and equipment .... . Total ............. Increase (decrease)in working capital .......... Summary of increases (decreases) in working capital: Cash and investments .... . Accounts receivable ...... Inventories ............. Accounts payable and accrued expenses....... Increase (decrease) in working capital ........ SCHEDULE F•3 CITY OF MIAMI, FLORIDA INTERNAL SERVICE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION YEAR ENDED SEPTEMBER 30, 1986 With Comparative Totals for Year Ended September 30, 1984 city Motor Property Print Stationery Communications Totals Garage Pool Maintenance Shop Stock Services 1985 1984 $ 890,281 $1,093,247 $379,286 $(44,620) $(7,469) $221,776 $2,532,501 $2,134,068 1,226.691 879,959 13,667 13,143 - 320,580 2,454,040 2,658,000 492,120 23,600 5,456 - - 18.296 539.472 285,959 2,609,092 1,996,806 398,409 (31,477) (7,469) 560,652 5,526,013 5,078,027 71,523 71,591 444 - - 9,415 152,973 777,991 2.680,615 2,068.397 398.853 (31,477) (7,469) 570,067 5,678,986 5,856,018 2,544,697 669,688 11,226 14,083 - 105,755 3,345,449 3,820,344 2,544,697 669,888 11,226 147083 - 105,755 3,345,449 3,820,344 $ 135,918 $1,398,709 $387.627 $(45,560) $(7,469) $464,312 $2,333,537 $2,035,674 $ 252,491 $1,309,919 $335,713 $(42,248) $(9,973) (57,205) 72,360 44,213 (979) 7,290 (59,368) 16,430 7,701 (2,333) (4,786) $ 135,918 $1,398,709 $387,627 $(45,560) $(7,469) A-44 $385.662 $2,231.564 $2,141,786 - - 13,686 25,026 90,705 8,767 53,624 11,268 (128,565) $464,312 $2.333,537 $2,035,674 F6466 Review Fleancial Printers, Miami, fL City of Miami -Preliminary Official Statement tat Proof of 5/28/86 x 10+2 t �►-436, .6.r -v Tf(:60 CITY OF MIAMI, FLORIDA TRUST AND AGENCY FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1985 Agency Expendable Trust Funds Fund Pension Trust Funds Self Pension Cable GESE FIP0 Insurance Administration T.V. Trust Trust ASSETS Equity in pooled cash and investments ............. $7,185,777 $ 4,399,499 $2,154,710 $ — $ Cash and cash equivalents ... — — — 1,237,178 Pension investments including accrued interest .... ....... . Accounts receivable: Proceeds from securities sold Pension member's contributions Other .............. .. ... Due from other funds ...... ... . Prepaid expenses ................ Deferred compensation plan assets ......... ..... .... . Total assets .. .. . . LIABILITIES AND FUND BALANCES Liabilities: Vouchers and accounts payable . Payable for securities purchased .... . Due to other funds .... . Deposits ........... .. . Claims payable Deferred compensation plan liabilities .... ... SCHEDULE G-1 Total — $ 13,739,986 14,203 1.251,381 — — 111,849,104 190,200,168 302.049,272 — 725,679 1,572,168 2.298.047 — — — 218,346 465,227 683.573 7,894 4,900 — — — 12,794 — — — 1,229,195 1,307,563 2,536,758 31,406 — — — — 31,406 — 6,476,982 — — — 6,476,982 $7,225,077 $10,881,381 $2,154,710 $115,259,702 $193,559,329 $329,080,199 $ 359,259 $ 450,433 $ 154,710 $ 90,624 $ 21,745 $ 1,076,771 — — — 1,071,464 2.141,226 3,212,690 2.536,758 — — — 2,536,758 1,875 2,000.000 — — 2,001,875 1,873.632 — — — — 1,873,632 — 6,476,982 — — — 6,476,982 2,232,891 9,466,048 2,154,710 1,162.088 2,162.971 17,178,708 Fund balance: Reserved for employee retirement plan benefits — — — 114,097,614 191,396,358 305,493,972 Unreserved: Designated for hurricane loss 500,000 — — — — 500,000 Designated for pension - related expenditures .. — 1,415,333 — — — 1,415,333 Designated for claims payments ............... 4,492,186 — — — — 4,492,186 Total fund balances ... 4,992,186 1,415.333 — 114,097,614 191,396,358 311,901,491 Total liabilities and fund balances ....... . $7,225,077 $10,881,381 $2,154,710 $115,259,702 $193,559,329 $329,080,199 A-45 F64" Review Financial Printea, Miami, FL City of Miami —Preliminary Official Statement tat Proof of 5/29/86x 10+2 8G-436' CITY OF MIAMI, FLORIDA EXPENDABLE TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMBER 30, 1985 Revenues: Intergovernmental charges Intragovernmental charges Contributions from employees and retirees Interest Other . Total revenues. Expenditures: Personal services Contractual services Materials and supplies Contributions to retirement funds Insurance Claims payments . Other Total expenditures Excess (deficiency) of revenues over expenditures Fund balances at beginning of year Fund balances at end of year A-46 SCHEDULE G•2 Self- Pension Insurance Administration Total $ — $ 3,771,349 $ 3,771.349 5,296,823 17.168,436 22,465,259 7,527,220 — 7,527,220 520,325 263.208 783,533 439,428 — 439,428 13.783,796 21,202,993 34,986.789 1.055,294 — 1,055,294 167.806 1,350.161 1,517.967 10,080 — 10,080 — 24,255,306 24,255,306 1,824.789 — 1,824,789 10,325,051 — 10,325,051 162.434 365,053 527.487 13,545,454 25,970,520 39.515,974 238,342 (4,767,527) (4,529.185) 4,753,844 6,182,860 10,936.704 $ 4.992,186 $ 1,415,333 $ 6,407,519 TK:61 F411" Review Flaaacial Priaten, Miami, FL City of Miami--Pretin-duq Official Statement 1st Proof of 5/n/86x 10+2 86� -43& TK.62 SCHEDULE G-3 CITY OF MIAMI, FLORIDA PENSION TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMBER 30, 1985 GESE FIPO Trust Trust Total Operating revenues: Contributions from employers . Contributions from employees and retirees ..... .. Net realized gain on investments .. .............. .. Interest and dividends ..................... . Total.............. ........ Operating expenses: Personal services ...... ..... ........ .. . Benefit payments ..................... Refunds .................. .. ........ Total ... ................... Operating income .......... ... . Nonoperating revenues: .. . Net income .......... ... . ..... ..... Fund balances at beginning of year . .. . .. ........ Fund balances at end of year F6466 Review Flaaueial Priaters. Miami, FL A-47 $ 10,159,599 $ 10,700,000 $ 20,859,599 4,556,893 5,155,192 9,712.085 3,963,841 10,650,962 14,614,803 7,479,027 13,310,892 20,789,919 26,159,360 39,817,046 65,976,406 279,549 326,003 605,552 9,824,207 10,382,493 20,206,700 666,036 753,726 1,419,762 10,769,792 11,462,222 22,232,014 15,389,568 28,354,824 43,744,392 3,300 4,200 7,500 15,392,868 28,359,024 43,751,892 98,704,746 163,037,334 261,742,080 $114,097,614 $191,396,358 $305,493,972 City of Miami —Preliminary Official Statement 161 Proof of 5/28/86 x 1o+2 8t;-436' K U SCHEDULE G•4 CITY OF MIAMI, FLORIDA PENSION TRUST FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION YEAR ENDED SEPTEMBER 30, 1985 GESE FIPO Trust Trust Total Working capital provided by: Net income .. .... Increase in working capital Summary of increases (decreases) in working capital: Cash and cash equivalents Pension investments ......... ... ... Accounts receivable ........ ................... . Due from other funds ....... Vouchers and accounts payable ..................... . Payable for securities purchased ...... . ... . .. ... Increase in working capital ........ ............. . A-48 $15,392,868 $28,359,024 $43.751,892 $15,392,868 $28,359,024 $43,751,892 $ 1,000,798 $ (98,364) $ 902,434 13,055.793 28,220,870 41,276,663 (2,493,789) (847,164) (3,340,953) 1,229,195 1,307,563 2,536,758 (21,393) 5,031 (16,362) 2,622,264 (228,912) 2,393,352 $15,392,868 $28,369,024 $43,751,892 F6466 Review Financial Printers, MlAtdi. FL City of Miami —Preliminary Official Statement 1st Proof of 5/29/36 x 10+2 86- 43G "1 t APPENDIX B FORM OF OPINION OF GREENBERG, TRAURIG, ASKEW, HOFFMAN, LIPOFF, ROSEN & QUENTEL, P.A., BOND COUNSEL July ,1986 The City Commission of the City of Miami Miami, Florida Dear Commissioners: We have examined certified copies of the legal proceedings, including the election proceedings, the validation proceedings, Resolution No. 86- , Resolution No. 86- and other resolutions of the City • Commission of the City of Miami, Florida (the "City"), as amended and supplemented (collectively, the "Resolution") and other proofs submitted, relative to the issuance and sale of $22,000,000 CITY OF MIAMI, FLORIDA General Obligation Bonds (the "Bonds") consisting of $I2,000,000 Police Headquarters and Crime Prevention Facilities Bonds $5,000,000 Storm Sewer Improvement Bonds $3,000,000 Sanitary Sewer System Bonds $2,000,000 Street and Highway Improvement Bonds Dated June 1, 1986 maturing in such amounts and at such times, bearing interest and subject to redemption, all as provided in the Resolution. As to questions of fact material to our opinion, we have relied upon such certified proceedings and other certifications of public officials furnished to us, without undertaking to verify the same by independent investigation. We have also examined one of the Bonds as executed and authenticated and have assumed ' that all other Bonds have been similarly executed and authenticated. From such examination we are of the opinion that such proceedings and proofs show lawful authority for the issuance and sale of the Bonds pursuant to the Constitution and other laws of the State of Florida, including the Charter of the City (Chapter 10847, Special Laws of Florida, 1925, as amended), that the Bonds constitute valid and binding general obligations of the City for the payment of which and the interest on which the full faith, credit and taxing power of the City are irrevocably pledged, and that all the taxable property within the City (excluding homesteads to the extent provided under applicable law) is subject to the levy of an ad valorem tax, without limitation as to rate or amount, for the payment of the Bonds and the interest thereon. We are further of the opinion that under existing statutes, regulations, rulings and court decisions, interest on the Bonds is exempt from all present Federal income taxation and the Bonds and interest thereon are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations, banks and savings associations. APPENDIX B F6466 Review Financial Printem, Miami, FL City of Miami —Preliminary Official Statement tad Proof of 6/6/86 x 18+2 86*'-43b APPENDIX B On December 17, 1985, the United States House of Representatives adopted H.R. 3838, 99th Congress, 1st Session with an effective date of January 1, 1986. H.R. 3838 includes provisions which would apply to the Bonds retroactive to their date of issue. The Bonds do not comply with the provisions of H.R. 3838 and interest on the Bonds therefore would not be exempt from Federal income taxation if H.R. 3838 is enacted in the form adopted by the House of Representatives. However, in a Joint Statement on March 14, 1986, the Chairmen and ranking members of the House Ways and Means Committee and Senate Finance Committee and the Secretary of the Treasury agreed to endorse a postponement of the effective dates of certain provisions of H.R. 3838 for certain governmental bonds issued before September 1, 1986 or the date of enactment of tax reform legislation, if earlier. In our opinion, the bonds are governmental bonds for which the Joint Statement endorses a postponement of the effective dates of certain provisions of H.R. 3838 and interest on the Bonds would be exempt from Federal income taxation under H.R. 3838 as adopted by the House of Representatives with effective dates amended to conform with the Joint Statement, except that under H.R. 3838 interest on the Bonds may be subject to a minimum tax for taxable years beginning after 1987 during any period when such Bonds are held by property and casualty insurance companies. On May 6, 1986, the Committee on Finance of the United States Senate ordered reported to the Senate a tax reform bill in the form of a substitute version of H.R. 3838. The Senate Finance Committee bill includes provisions affecting tax-exempt bonds, but generally would not apply such provisions to bonds issued prior to the date of the bill's enactment. In our opinion, interest on the Bonds would be exempt from Federal income taxation under the Senate Finance Committee bill as ordered reported on May 6, I986, except that under the Senate Finance Committee bill interest on Bonds may be subject to an alternative minimum tax during any period when such Bonds are held by corporations. We express no opinion as to the exemption of interest on the Bonds from Federal income taxation if H.R. 3838 or other tax legislation is enacted in a form which differs from H.R. 3838 as adopted by the House of Representatives with effective dates amended to conform with the Joint Statement. It is to be understood that the rights of the holders of the Bonds and the enforceability thereof may be subject to bankruptcy, insolvency; reorganization, moratorium and other similar laws affecting creditors' rights heretofore or hereafter enacted, to the extent constitutionally applicable, and that their enforcement may also be subject to the exercise of judicial discretion in appropriate cases. Respectfully submitted, F6" Review Financial Printers, Miami, FL City of Miami —Preliminary Official Statement 2nd Proof of 6/6/86x IS+2 SC--436 nn iJ Honorable Mayor Xavier and Members of the City City of Miami, Florida 3500 Pan American Drive Miami, Florida 33133 Gentlemen: June 6, 1986 L. Suarez Commission LUCIA A. DOUGHERTY City Attorney As of June 1, 1986, the City of Miami is involved in the following major cases: LAND RELATED LITIGATION 1. Southeast Overtown/Park West As a result of a quick take condemnation proceeding, title to a parcel of property located in the Sou theast/Overtown Park West area was acquired for the benefit of the City. In May 1986 determination was made by a jury that the property was valued at $900,000 more than that which had been allocated for the overall development project for which the parcel was being acquired. (All of the required money is being deposited in an interest bearing account during appeal which is anticipated to take two years with the difference in additional money required being approximately $300,000. Attorneys' fees and costs are estimated at $1 million.) 2. Commodore Bay certain property owners have filed an appeal of the City Commission's denial of their zoning application on March 27, 1986 regarding property located at 3471 Main Highway. In a separate action they have also challenged the constitutionality of the present zoning ordinance as applied to their property. In connection with said case they are seeking damages resulting from the City's denial of rezoning and land use change application which, if granted, would have permitted a significantly higher density commercial use. The City's exposure is 3-4 million dollars. 3. Brickellbanc Another pen rig lawsuit is a case in which the City has been found liable under 42 U.S.C. S1983 by reason of its revocation of a building permit to a savings and loan association. The plaintiff has claimed loss of profits and increased construction costs and other losses as a result of the City's violation of rights, placing a figure of $6,300,000 as the total amount of damages. The trial on the issue of damages was concluded in May, 1986 and the Court has not yet ruled as to the amount of damages. OFFICE OF THE CITY *tTTOR.NEY / 169 E Fligler Street / Miami. Florida 33131 , 0051 579-6700 86-43b. Honorable Mayor Xavier L. Suarez and Members of the City Commission Page 2 OTHER LIABILITIES June 6, 1986 1. Michael Johnson v. City of Miami, U.S. District Court Case 83-20 -CIV-ARONOVITZ Potential liability involves the Michael Johnson police shooting which has been the subject of notoriety due to an alleged cover-up in the course of the Police Department's investigation. The jury trial began on May 27, 1986 and has not been concluded. Potential exposure exists in the range of $200,000 to $1,000,000. 2. City of Miami v. Geneva Harris, Third District Court of Appeals Case Nos. -1679, 4- 525 & 84-1352 A police chase case exposes the City to liability of approx- imately $250,000. The case was tried and a jury verdict of $585,000 was returned but a new trial was granted when the case was appealed. The appellate holding kept intact the exposure on the negligence claim but directed a new trial on the allegations of denial of constitutional rights. 3. Samuel Rodgers and Dolores Rodgers v. Miami Dolphins, Ltd. and the City of Miami, Circuit Court Case83-38278 This case has an exposure of approximately $100,000 and involves a middle aged man who was seriously injured in a fall at the Orange Bowl. The case is to be tried in August, 1986. The liability potential exists because of a lapse in insurance coverage. 4. Mildred Bejacma and Louis Bejacma, her husband v. The City of Miami and Charles Lincoln, U.S. District Court Case 5- -CIV-DAVIS This alleged false arrest and use of excessive force claim presents an exposure in the range of $300,000 - $400,000 because of the Be'acma's claims of violation of constitutional rights which takes this case out of the statutory limit of $100,000 per claimant, $200,000 per incident. 5. Mikele Carter v. CitX of Miami, Circuit Court Case 86-08541 This is an age discrimination claim by a former Assistant City Attorney which resulted in an adverse jury verdict as to liability. Damages are expected to exceed $100,000 but not $200,000. 6. Millie Mintus v. City of Miami,. Circuit Court Case 86-08541 This "pedestrian claim has an exposure in the range of $100,000 -$150,000 as she was rendered incompetent as a result of a City car striking her. 8G -43�, Q>a +d - yai � _ �Y C4- ..-:;. Honorable Mayor Xavier L. Suarez June 6, 1986 and Members of the City Commission ` r Page 3 - 7. Bruce G. Murrayand�Faustino Molina v. City of Miami, et- al., C rcu t Court Case 85- 16 (CA 1 ) TFiis claim for civil rights violation against the City of Miami and individual police officers includes administrative defendants for violation of civil rights and negligence. The claim arose out of a traffic incident where two motorcyclists, the plaintiffs, were taken into custody and allegedly severely beaten. Because a civil rights claim can fall outside the statutory limits, exposure for both plaintiffs is estimated at j' .. $300,000.. 8. Ventura Treto and Lucia Treto, his wife vs. George Willie f' Moore, Jr., et al., Circuit Court Case 8 -1203 (CA 10) Plaintiff, while working on a project on Virginia Rey, was riding a front loader, the vehicle slid off an embankment and rolled over several times injuring the Plaintiff. The injury is alleged to be serious brain damage with Plaintiff functioning at the level of a four year old with almost complete memory loss. Exposure exists ultimately in the range of $250,000 - $300,000. 9, Laura & Sherrie Winningham v. City, et al., Circuit Court - Case 5-49335 f' This involves a high speed chase by police, resulting in the offender colliding with a vehicle driven by the mother of the _" minor plaintiff who was a passenger. The case is still in discovery but an exposure between $100,000 - $150,000 exists because of serious injuries. 10. Rolando & Leticia Yague v. City, et al., U.S. District Court Cases 86-0485 & 86-0486 consolidated Alleged false arrest, malicious prosecution and use of excessive force. A police officer stopped a vehicle for a traffic stop and after a struggle Plaintiff was shot in the neck. Plaintiff alleges that no struggle ensued and that the officer just shot him. The civil rights violation exposes the City to liability of $100,000 to $150,000. There are various claims and lawsuits against the City resulting principally from workers' compensation and casualty claims. Estimated liability for such claims was recorded in the amount of $25,933,632 as of September 30, 1985 in Note 12 of the Section, "FINANCIAL STATEMENTS" of the Annual Financial Statement. Except as noted above, the total liability to the City has not changed significantly during the time that has elapsed since September 30, 19851 nor has there been any 86 -436 ir= Honorable Mayor Xavier L. Suarez and Members of the City Commission Page 3 June 6, 1986 7. Bruce G. Murray and Faustino Molina v. City of Miami, et al., circuit Court Case 85-26416 (CA 18) This claim for civil rights violation against the City of Miami and individual police officers includes administrative defendants for violation of civil rights and negligence. The claim arose out of a traffic incident where two motorcyclists, the plaintiffs, were taken into custody and allegedly severely beaten. Because a civil rights claim can fall outside the statutory limits, exposure for both plaintiffs is estimated at $300,000. 8. Ventura Treto and Lucia Treto, his wife vs. George Willie Moore, Jr., et al., Circuit Court Case 8 -1 03 (CA 10) _ ( Plaintiff, wh le working on a project on Virginia Key, was riding a front loader, the vehicle slid off an embankment and rolled over several times injuring the Plaintiff. The injury is alleged to be serious brain damage with Plaintiff functioning at the level of a four year old with almost complete memory loss. Exposure exists ultimately in the range of $250,000 - $300,000. y 9. Laura & Sherrie Winningham v. City, et al., Circuit Court Case 885-4933�"—` > This involves a high speed chase by police, resulting in the t M'a•A { ;YI offender colliding with a vehicle driven by the mother of the minor plaintiff who was a passenger. The case is still in discovery but an exposure between $100,000 - $150,000 exists .� because of serious injuries. 10. Rolando & Leticia Ya ue v. City, et al., U.S. District Court Cases 5 & 6- 486 consolidated Alleged false arrest, malicious prosecution and use of excessive force. A police officer stopped a vehicle for a traffic stop and after a struggle Plaintiff was shot in the neck. Plaintiff alleges that no struggle ensued and that the officer just shot him. The civil rights violation exposes the City to liability of $100*000 to $150,000. There are various claims and lawsuits against the City resulting principally from workers' compensation and casualty claims. Estimated liability for such claims was recorded in the amount of $250933,632 as of September 30, 1985 in Note 12 of the Section, "FINANCIAL STATEMENTS" of the Annual Financial Statement. Except as noted above, the total liability to the City has not changed significantly during the time that has elapsed since September 30, 1985, nor has there been any 86-436' Honorable Mayor Xavier L. Suarez and Members of the City Commission Page 4 June 6, 1986 subsequent litigation during this time period that would materially impact upon the propsed %e,, issue. Since n LF 9*. Dougher pity Attorney LAD:MJC:bf:292 86-436 TK:29 THE CITY OF MIAM1 9 FLORIDA $2290009000 General Obligation Bonds OFFICIAL BID FORM AND NOTICE OF SALE The Bonds are being offered for sale in accordance with this Notice of Sale. Sealed bids for the purchase of the Bonds will be received by the Commission of The City of Miami, Florida, at its regular place of meeting in the City Hall, 3500 Pan American Drive, Miami, Florida until 11:00 A.M. Miami time on Thursday, June 26, 1986. June 12, 1986 F64" gear Financial Printers, Miami, FL City of Miami —Preliminary Official Statement tad Proof of 6/6/86 x 18+2 86-43G OFFICIAL BID FORM Proposal For the Purchase of $22,000,000 THE CITY OF MIAMI, FLORIDA General Obligation Bonds June 26, 1986 Commission of The City of Miami, Florida City Hall 3500 Pan American Drive Miami, Florida 33133 Dear Commissioners: On behalf of an underwriting syndicate which we have formed, headed by the undersigned and consisting of the firms listed on a separate sheet attached hereto, and in accordance with the terms and conditions of the attached Notice of Sale dated June 12, 1986 (the "Notice of Sale"), which is hereby made a part of this proposal, we offer to purchase all of the $22,000,000 City of Miami, Florida General Obligation Bonds consisting of $12,000,000 Police Headquarters and Crime Prevention Facilities Bonds, $5,000,000 Storm Sewer Improvement Bonds, $3,000,000 Sanitary Sewer System Bonds, and $2,000,000 Street and Highway Improvement Bonds (hereinafter collectively referred to as the "Bonds"), to be dated June 1, 1986. We will pay for the Bonds at the time of delivery in immediately available Federal Reserve " Funds, Twenty -Two Million Dollars ($22,000,000), plus accrued interest, if any, from June 1, 1986 to the date of delivery, and a cash premium of $ ' for all of the Bonds, which $22,000,000 constitutes the total for the separate bids of par for each series of the Bonds as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the Notice of Sale. SCHEDULE OF MATURITIES AND INTEREST RATES The Bonds shall bear interest at the rate set forth in the following schedule: Maturity Date Principal Interest Yield or Maturity Date Principal Interest Yield or June 1 Amount Rate Price June 1 Amount Rate Rate 1988 .... $ 395,000 07o 2000 .... $1,240,000 010 1989 .... 530,000 2001 .... 1.335,000 • 1990 .... 575,000 2002 .... 1,450,000 • 1991 .... 620,000 2003 .... 1,555,000 • 1992 .... 670,000 2004 .... 1,685,000 ' 1993 .... 725,000 2005 .... 1,825,000 1994 .... 785,000 2006 .... 1,960,000 1995 .... 840,000 2007 .... 340,000 ' 1996 .... 905,000 2008 .... 340,000 • 1997 .... 985,000 2009 .... 340,000 • 1998 .... 1,060.000 2010 .... 345,000 • 1999 .... 11150,000 2011 .... 345,000 1 Tx;30 F6466 Rerkw FlaaacW Prtuten, Miami, FL City of Miami --Preliminary Official Statement 3rd Proof of 6/6/86 x 18+3 86--4E3+, We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank or trust company, in the amount of $220,000, payable to the order of The City of Miami, Florida, which check is to be applied or returned in accordance with the Notice of Sale. The closing documents referred to in the Notice of Sale are to include certificates, dated as of the date of the delivery of the Bonds, with reference to the Official Statement, as provided therein, and stating that there is no litigation pending or, to the knowledge of the signer of such certificate, threatened affecting the validity of the Bonds. Respectfully Submitted, Bidder By Title (No addition or alteration except as provided above, is to be made to this bid form and it must not be detached from the Notice of Sale.) The following is provided for information only and is not a part of this bid: The total amount of interest payable on the Bonds during the life of the issue under this proposal, without deducting the premium bid, if any, is $ The effective interest rate for the Bonds, calculated as described in the Notice of Sale, is %. fir¢. • s • s • s The above mentioned check has been returned and receipt thereof is duly acknowledged. By Title 2 Bidder TK:31 ' F6466 Review Final Printers, Miami, FL City of Miami —Preliminary Official Statement 2nd Proof of 6/6/86 x 18+2 8f -4361 NOTICE OF SALE $22,000,000 THE CITY OF MIAMI, FLORIDA General Obligation Bonds Sealed Bids Sealed bids will be received by the Commission (the "City Commission") of the City of Miami, Florida (the "City") at its regular place of meeting in the City Hall, 3500 Pan American Drive, Miami, Florida, until 11:00 A.M. Miami time on Thursday, June 26, 1986, at which time and place all bids will be publicly opened and read, for the City of Miami, Florida General Obligation Bonds, to be issued in the aggregate principal amount of $22,000,000, consisting of $12,000,000 Police Headquarters and Crime Prevention Facilities Bonds, $5,000,000 Storm Sewer Improvement Bonds, $3,000,000 Sanitary Sewer System Bonds and $2,000,000 Street and Highway Improvement Bonds, dated June 1, 1986 (hereinafter collectively referred to as the "Bonds"). i Bond Details The Bonds are issuable as registered bonds, without coupons, in the denomination of $5,000 or any integral multiple thereof. Interest on the Bonds will be payable to the registered owners shown on the registration books of the City on the fifteenth day of the month preceding an interest payment date, by check or draft mailed to such registered owners by the Bond Registrar and Paying Agent (as hereinafter y provided). The Bonds will be dated and bear interest from June 1, 1986, payable semi-annually on June 1 1 and December 1 in each year, at the rate or rates specified in such proposal as may be accepted, the first interest payment being due on December 1, 1986. The Bonds will mature as follows: 3 TK:32 F6"6 Review FlnaacW Printers, Miami, FL City of Miami —Bid Form 1st Proof of 5/28/86 x 10+2 • . iJ.: • _..°d . -c ;<g-S-d st Y:'4 R '� ^iyl i i ' { . TK:32 TK:33 Maturity Date (June 1) 1988 .... 1989 .... 1990 .... 1991 .... 1992 .... 1993 .... 1994 .... 1995 .... 1996 .... 1997 1998 .... 1999 .... 2000 .... 2001 .... 2002 .... 2003 .... 2004 .... 2005 .... 2006 .... 2007 .... 2008 .... 2009 .... 2010 .... 2011 .... Police Headquarters and Crime Prevention Facilities Bonds $ 310,000 310,000 335,000 365,000 395,000 425,000 460,000 495,000 535,000 575,000 625,000 675,000 730,000 785,000 850,000 915,000 990,000 1,070,000 1,155,000 MATURITY SCHEDULE Sanitary Street and Storm Sewer Sewer Highway Total Improvement System Improvement Principal Bonds Bonds Bonds Amount $ 85,000 $ -0- $ -0- $ 395,000 85,000 80,000 55,000 530,000 95,000 85,000 60,000 575,000 100,000 95,000 60,000 620,000 110,000 100,000 65,000 670,000 115,000 110,000 75,000 725,000 125,000 120,000 80,000 785,000 135,000 125,000 85,000 840,000 145,000 135,000 90,000 905,000 160,000 150,000 100,000 985,000 170,000 160,000 105,000 1,060,000 185,000 175,000 115,000 1,150,000 200,000 185,000 125,000 1,240,000 215,000 200,000 135,000 1,335,000 235,000 220,000 145,000 1,450,000 250,000 235,000 155,000 1,555,000 270,000 255,000 170,000 1,685,000 295,000 275,000 185,000 1,825,000 315,000 295,000 195,000 1,960,000 340,000 340,000 340,000 340,000 340,000 340,000 345,000 345,000 345,000 345,000 Principal of, and premium, if any, on the Bonds will be payable upon presentation and surrender thereof, at the option of the registered owners, at Chemical Bank, New York, New York, as Bond Registrar and Paying Agent, or at Pan American Bank, N.A., or its successor, Miami, Florida, as Paying Agent. Optional Redemption The Bonds maturing on or after June 1, 1997 are subject to redemption at the option of the City * Commission on or after June 1, 1996, in whole on any date, or in part in the inverse order of their * maturities (by lot within any maturity) on any interest payment date, at the following redemption prices, plus accrued interest to the date of redemption: Redemption Price Redemption Price (percentage of (date Inclusive) principal amount) June 1, 1996 to May 31, 1997 ................ 102% June 1, 1997 to May 31, 1998 ................ 101% June 1, 1998 and thereafter ................. 100070 F6466 Review Fiasswlai Printers, Mfami, FL City of Miami -Preliminary Official Statement 3rd Proof of 6/6/86 x 18+2 86 -436 W TK:36 Purpose; Validation The Police Headquarters and Crime Prevention Facilities Bonds were authorized by Ordinance No. 9787 for the purpose of paying the cost of (i) construction of additions to the police headquarters building, (ii) the acquisition and installation of electronic communications and computer equipment, (iii) facilities for training, property unit and other police purposes, and (iv) the acquisition of land and other equipment needed for police purposes. The Storm Sewer Improvement Bonds were authorized by Ordinance No. 9781 for the purpose of paying the cost of the construction of permanent drainage facilities within the City. The Sanitary Sewer System Bonds were authorized by Ordinance No. 9128 for the purpose of paying the cost of improvements and extensions to the City's sanitary sewer system. The Street and Highway Improvement Bonds were authorized by Ordinance No. 9129 for the purpose of paying the cost of street and highway improvements within the City. All of the Bonds have been validated by judgments of the Circuit Court of Dade County and no appeal was taken therefrom. Security for and Source of Payment for the Bonds The Bonds will be general obligations of the City for which its full faith, credit and taxing power are pledged, and are payable from unlimited ad valorem taxes on all taxable property in the City (excluding homestead exemptions for owner occupied housing and certain persons who are aged, disabled or otherwise qualified therefor, as required by law). Interest Rates and Bidding Details Each proposal must be in the form of the Official Bid Form, and enclosed in a sealed envelope marked "Bid for $22,000,000 City of Miami, Florida General Obligation Bonds". Each bid constitutes a separate bid for each of said series of the Bonds and any premium bid shall be for all of the Bonds and allocated to each series in the proportion to which the amount of such series bears to the total amount of all Bonds. Bidders are requested to name the interest rate or rates in multiples of '/a or '/zo of 1076. Each bid must specify the interest rate for the Bonds of each maturity, and all Bonds maturing on the same date must bear interest at the same rate. Any number of interest rates may be named, but the highest interest rate named may not exceed the lowest interest rate named by more than two percent (2070). No Bond shall bear more • than one rate of interest, which rate shall be uniform for the life of the Bond, and no zero or blank rate or split rate will be permitted. No bid for less than all of the Bonds offered or for less than par and accrued interest will be entertained. Premiums may be specified. Award of Bonds As between acceptable proposals complying with this Notice of Sale, the Bonds will be sold to the responsible bidder whose proposal offers to purchase all the Bonds at such rate or rates of interest as will produce the lowest effective interest rate to the City. The lowest effective interest rate will be determined in accordance with the "Canadian" or "true" interest cost method of calculation by doubling the semi- annual interest rate (compounded semi-annually) necessary to discount the debt service payments from the payment dates to the date of the Bonds and to the price bid, not including interest accrued to the date of delivery. The right is reserved to reject all bids or any bid not conforming to this Notice of Sale or not in the form of the Official Bid Form. The right is also reserved to waive, if permitted by law, any irregularity or informality in any proposal. S F6666 Review Financial Printers, Miami, FL City of Miami —Preliminary Official Statement 2nd Proof of 6/6/86 x 16+2 86--436 t �t 1, Good Faith Each bid must be accompanied by a certified or bank cashier's or treasurer's check drawn upon an incorporated bank or trust company, in the amount of $220,000, which check, on which no interest will be ! allowed, must be payable unconditionally to the order of the City of Miami, Florida. Award or rejection of bids will be made on the date above stated for receipt of bids and the checks of unsuccessful bidders will be returned immediately. The check of the successful bidder will be cashed and the proceeds, on which no interest will be allowed, will be held as security for the performance of the bid, and, in the event such i successful bidder shall fail to comply with the terms of his bid, the proceeds will be retained. The retention of such check will constitute full liquidated damages. If it shall be found impossible to issue and deliver the Bonds, the City will deliver to the successful bidder a certified or bank cashier's or treasurer's check drawn upon a bank or trust company in the City of Miami, Florida, payable unconditionally to the order of such bidder, in the amount of the check deposited by such bidder with his bid. Upon delivery of ti:e Bonds, the ' proceeds of the check of the successful bidder will be applied to payment for the Bonds. CUSIP Number It is anticipated that CUSIP identification numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto shall constitute cause for a failure or refusal by the purchasers thereof to accept delivery of or pay for the Bonds in accordance with the terms of their bid. All expenses in relation to the printing of CUSIP numbers on the Bonds and the CUSIP Service Bureau charge for the assignment of such numbers will be paid by the City. Delivery of Bonds Delivery of the Bonds in definitive form will be made on or about July 15, 1986 in New York, New y York, against payment therefor in immediately available Federal Reserve Funds to the order of The City of Miami, Florida. The unqualified approving legal opinion of Greenberg, Traurig, Askew, Hoffman, Lipoff, ' Rosen & Quentel, P.A., Miami, Florida will be furnished without cost to the purchasers of the Bonds. The usual closing documents shall also be furnished. Concurrently with the delivery of the Bonds, the City Manager and the City Director of Finance will ;+ furnish their certificate to the effect that, to the best of their knowledge, the Official Statement, as of its date and as of the date of delivery of the Bonds, did not and does not contain any untrue statement of a = material fact or omit to state a material fact necessary to make the statements contained therein, in the light j of the circumstances under which they were made, not misleading. The successful bidder shall have the right, p g ght, at its option, to cancel its obligation to purchase the Bonds if the City shall fail to tender the Bonds for delivery within 60 days from the date herein fixed for the receipt r; .., of bids, and, in such event, the successful bidder shall be entitled to the return of its deposit mentioned above, with interest. Disclosure Obligations of the Purchaser Section 218.38(1)(b)(1), Florida Statutes, requires that the City file, within 120 days after delivery of the Bonds, an information statement with the Division of Bond Finance of the State of Florida (the "Division") containing the following information: (a) the name and address of the managing underwriter, if any, associated with the Bonds; (b) the name and address of any attorney or financial consultant who advised the City with respect to the Bonds; (c) any fee, bonus or gratuity paid by the managing underwriter or financial consultant, in connection with the Bond issue to any person not regularly employed or engaged by such underwriter or consultant; and (d) any other fee paid by the City with respect to the Bonds, including any fee paid to attorneys or financial consultants. The purchaser of the Bonds is required to provide the City, in a timely fashion such that the City may comply with the above -referenced statute, a statement signed by an authorized officer containing the information mentioned in (a) and (c) above. 6 TK;36 TK:35 F6166 Review FinamW Priatets, Miami, FL City of Miami —Preliminary Official Statement tad Proof of 6/6/86x 1E+2 86 -436', W -_- ;7 Section 218.38(1)(b)(2), Florida Statutes, requires that the managing underwriter or the financial consultant, within 90 days after delivery of the Bonds, provide the City with a statement containing the information mentioned in (c) above. Additional Information The Official Bid Form and Notice of Sale and copies of the Preliminary Official Statement relating to the Bonds may be obtained upon request to the undersigned at 3360 Pan American Drive, Coconut Grove Exhibition Center, Miami, Florida 33133, telephone number (305) 579-6350, or to the Financial Advisor, James J. Lowrey & Co. Incorporated, 180 Maiden Ave, New York, New York 10038, telephone number (212) 363-2000. Carlos E. Garcia, CPA Director of Finance The City of Miami, Florida 7 F6166 Review Financial Printers, Miami, FL City of Miami —Preliminary Official Statement tad Proof of 5/30/56 x 36+ 2 86- 43G Se le comunica a todas las personas intereaadas, que la Comisi6n de la Ciudad de Miami, Florida, celebrard una . audiencia pilblica,,, sobre una pro- puesta de Referendum para enmendar Jos Charters de la Ciudad de Miami, pars que provea to siguiente: 1) Una duraci6n de cuatro afros para la poaici6n de Alcalde y, 2) Un aumento a la compensaci6n que se le hag& a Jos miembros de la Comisi6n de la Ciudad. . La audiencia tends lugar en junio 12, 1986, a las 9:30 AM. en la Ckmara de la Comisi6n de la Ciu- dad, City Hall, 3500 Pan American Drive, Miami, Florida. (P.O. No.3871 Matty I: IML (Cite Seal) City Cb*. City of Miami, Flt. f AMC Yn Fw_ Yr�t SIA-I : of FLORIDA • I COUNTY OF DADE I Personally appeared before me the undersigned, Jorge li. Consuegra, to ake well-known, who being duly sworn deposes and says that he isCredit Manager of Diario Las Amed ricas, newspaper of general circulation, p Y Pt Monc;ay, in Miami, Dade County, Florida. Affiant further says that the above named newspaper has continuosly puLlished daily except 11ondays in Dade County, Florida, for more than one year ininediately preceding first putlication of said Legal Notice or advertisement and was during all such time and now is entered as second class mail matter al 1oticeiordStates post Advertisement,fallein copyMiamit of whicheisohere,to Florida, and that tg attached, was published in on the following days: Signed DIARIO LAS AMIERICAS C // v - ? Sworn wo and subsc cited before me this (I day of ~ Ig 9(/ , in Miami, Dade County, riorida. }: P..O. # 3 i8 7 Fu � Ad ordered o'Z' Invoice i 0 G invoice Amount * TEARSIMET ATTAC1:T.D Notary Public,-5, ate My Commission (Expir�1--f V >>38 6... [vended ThLy jr r Feronc., tno Notary rublic lim101a x`.ftIy ; t an ram if •+SSgMt$ r: an ,5yrxx � ski}fYJ"nd P61.2-B -DIAR10 LAS AMERM AVISO DE AUDIENCIA PUBLICA Toclas las personas interesaclas favor tomar note qua Is Comlsi6n do La Ciudad de Miami, Florida llevard a cabo Una Audiandia Pdblica de un - Referendum propuesto pare enmendar Le Carte Constitucional de La Ciudad de Miami pare proveer lo siguiente: 1) Un t6rmino de Cuatro aMos pare la Oficina del Alcalcle y 2) Un incremento en la compenseci6n pagada a los miembros; 'de La Cgm* ',6n,,de,La Ciudad. La Audiencia se lievard a cabo n Las C6maras de La Co;; Ci'&18 a las 9:30 A.M. edaicl, City Hall, 3500 Pan Anier!can Drive, Miami, Florida. (P.O. 83871 MATTY HIRAI CITY CLERK CITY OF MIAMI, FLORIDA 4 - I'" IN, `4 f MIAMI REVIEW AND DAILY RECORD 41 Published Daily except Saturday, Sunday and Legal Holidays Miami, Dade County, Florida. STATE OF FLORIDA COUNTY OF DADE: Before the u-dotslgned authority personally appeared Octsh V. Ferbeyte, who on osth says that She Is the Supenrea of Legaf Advertising of the Miami Review and Daily Record, a daily (except Saturday, Sunday and Legal Holidays) newspaper: PubQefted at Miami In Dade County, Florida; that the attached COPY of advertisement. being a Legal Advertisement of Notice In the natter of CITY OF MIAMI, FLORIDA PUBLIC HEARING, JUNE 12, 1986 In the ........XXXXXXX Court, was published In said newspaper In the Issues of MAY 28, 1986 Went further says that the said Miami Review and Daily Record Is a newspaper published at Miami In said Dade County, Florida, and that the said newspaper has heretofore been continuously Publtehad In said Dade County, Florida, each day (GROW Saturday, Sunday and Legal Holidays) and has been erttered as second glass mail matter at the post office in MlarM in said Dade County, Florida, for a period of one yaw next Praeeding the first publication of the attached copy of advktlaament: and afpant further says that She has neither Paid nor promised arty person, f aorporstlon arty discount. commt rsabn or refund the urpose of securing this .... . ...... ..... • ' i Lb -riled before me this ?8 t�yof�..A..(V��(� ;....�.,A.D.19.86.. r • • Iligan. ......... (SEAL) 'O f�`,` of Florida at Large My Commission ex4f1&De 1JN, 1986. M R 144 CITY OF MIAMI, FLORIDA NOTICB Oft PUBLIC NBARINO A public hearing will be held by the Commission of she pity of Miami on Thursday, dune ,112,1 at 11:30 a.m. in City Coffditlefildn Chamberst at City migf, 350o Fi&h Aroerican DrIye, Miami`, FkAdi for the purpose of considering a wsilvet of the requirement of 'dbfhIl,Ihg sdaled competitive bids for the acquisition of space in Tlrtte � ialit- zine's special supplement on the subject of U.S. HispanI6,13 siness to place a half -page black and white advertitieinent in-conjuft lion i with Metropolitan Dade County at a total: cost of 30,405.06. Said national magazine having business circulation of 1.4 million. Potential sources of supply who feel that they might.be able to satisfy the City's requirements in the acquisition may contact Matthew Schwartz, Deputy Director, Department "of Developr*1 sCthe f61kJtiWng number (305) 5793366. ' All Interested persons,stns lhvited;to appear, and-4naly..-ba_-_heard conceming such proposed waiver and `purchalle. The heating will be held at the time and place specif led above. Should any person desire to appeal arry;decision of the CltyCom- mission,with respect to any matter considered at Ibis hearing, that person shall ensure that a verbatim record of the' proceedings is made, including all testlrfioh' and evidence upon Which may appeal may be based. MATTY HIRAI nnvCITY CLERK ((3669) 85452666M MIAMI REVIEW AND DAILY RECORD Published Daily except Saturday, Sunday and Legal Holidays Miami, Dade County, Florida. STATE OF FLORIDA COUNTY OF DADE: Before the undersigned authority personally appeared SooMe YNMirns, who on oath says that aft is the Vice PrNWrtt of Legal Advertising of the Miami Review and Daily Record, a CITY OF MIAMI, afsliy (except Saturday, Sunday and Legal Holldays) nempaper, DADtiC01lNTY. PI.ORIDA pubBshed at Mlsmf In Dads County, Florida: that the attached copy of edwr6soment, being a Legal Advertisement of Notics NOTICK OF PYSYC HKA111Na In On matter of CITY OF MIAMI All A ititilisted persons please Public Hearing - June 12, 1986 take4i6ticb`that the City Commis - Re: REFERENDUM — FOUR YEAR TERM FOR OFFICE OF MAYOR sibntif.theCityofMiami, Florida wIN �tol�aecPubitciiearinp-vn-a- In the ........... X ..X...X..................... Court, proposed:Aeferendum to amend was published in said newspaper In the Issues of the Miafnl-City Charter to provide for1he,15MU Rring: l) Four Year Tenn June 2, 1986 for' 011166' of Mayor and 2) An inortiate In the compensation paid to riietnbers of the City Commis• sion:.'Ne.:hsairing will take place AfflaM hwdw says that the ssW Minh Review and Daily ' 'Wr I 1ChWnt)&s$ p . miss on- MMoad Is a newspaper published at Miami In said Dads County, Flod" and that the said newspaper has heretofore been City Hall, 35W Pan continuously published In said Dads County, Floe" each day American Drive, Miami, Florida. pscept Saturday, Sunday and Legal Mal�ays) and has teen t+e In j i. "<. ' : entered N eacotrd dese moll Mader at post office Mirnf In cad Dade County, Fiorlda, for a period of one year l . F4ATTY HIRAI nest prseading fie Bret pubHcatfon of the attached copy o1 = 'CIJY CLERK adwrtHamettf: me sfnawrt further says that she has '`''CITY 6F MIAMI, FLORIDA persom Oeid a refunrd for the purpose pump o securing'discount, ad for`�pglow" t s,"W newspaper. . , K H7), ." ,.12 612 M _ `GkTA dAubs6@0bed before Me this end. — ........ June. A.D.19....... 86 ' v ... •. {{tep�nn off Florida at Large i (tiflJU.l i4�i 1 O F F 1.0 `�� My Contndeslon.>!aN{NIWttmebar 29, 1N0. MR 109 0 �0 11ie� 900 NW 54th STREET. MIAMI, FLORIDA 33127 Published Weekly Miami, Dade County, Florida STATE OF COUNTY OF DADEA ( SS PROOF OF PUBLICATION Before the undersigned authority personally appeared MOHAMED HAMALUDIN, who on oath says that he is the Managing Editor'of THE MIAMI TIMES, weekly newspaper published at Miami, Dade County, Florida; that the attached copy of advertisement was published in said newspaper in the issues of: 05 June 1986 Affiant further states that THE MIAMI TIMES is a newspaperubl slished hed in in Miami, Dad Dade County, da each and that the said newspaper has heretofore been continuously p mail matter at the U.S. Post Office in Miami, Dade County, week and has been entered as second class Florida for a period of more than one year next preceding date of publication of the attached copy of any dis- count, nreb rebate, commission ant or refund for thes that he has therpurpose of said nor ecuring this sed any firm, seement for purson or blication on n this count, , newspaper. -1 11 1 1 1 it % � Sworn to ane�,subscribed befog me on this, 1�0-TA#Y PUBLIC SIrATE/t)r^�a�rc AT GE. My commisseba expires: NOTARY Pl1ELIC STATE OF FLORIDA MY C0r,v;11S5I0N EXPIRES JULY it 1997 BCNDED TNRU GE14ERAL INSURANCE UND Managing Editor 0_ day of 'June A.D. 19 86 — AKj TM — ZhVfS&Y, JYRe 5, 1986 !' O -OF PUPLIC 5 q -- 1 City Cbiirtes' to Pt'o'ti'iek mm for M" at mayor *W# Ah so; `J U t�, 10 -CITY CUM CiTy01Pvpw; ARIAA RMN aw 4 r r 4 �r z h u w t £ fit; ` "Y* • I a v u sn;4 h� MiamicralD THE MIAMI NEWS A KNIGHT -RIDDER NEWSPAPER _ A COX (NEWSPAPER i Two editorially independent newspapers. printed. sold and distributed by THE MIAMI HERALD PUBLISHING COMPANY 1 HERALD PLAZA, MIAMI. FLORIDA 33101 • (AREA CODE 305) 350-2111 ky kz - Before the undersigned authority personally appeared Bill Jesson y.. who on oath says that he is the Retail Advertising Office Manager of The Miami Herald and The Miami News, daily newspaper (s) published at Miami in Dade County, Florida, i He further says that the advertisement for CITY OF MIAMI, FLORIDA (#3902) was published in the issue or issues of THE MIAMI HERALD on Jr" APRIL 1st 1986 for the above publication (s) as per the attached invoice Affiant further states that the said THE MIAMI HERALD/NEWS are newspapers published at Miami, in said Dade County, Florida, and that the said newspapers have here -to -fore been continuously published in said Dade County, Florida, each day, and have been entered as second class mail matter at the Post Office in Miami, in said Dade County, Florida, for a period of one year next preceding the first publication of the advertisement. MAY 151986 i Sworn to and Subscr befQQ a me this L1 /I&,j —A .D., 19, "a Bill son Nr roMr1SSI0`xp EC 30.19%6 ,,Wro IHAu CEGEM IDS• u1W• the Miamicrala THE MIAMI NEWS .P KNIGHT-RIDDER NEWSPAPER A COX NEWSPAPER Two editorially Independent newspapers, printed. sold and distributed by THE MIAMI HERALD PUBLISHING COMPANY 1 HERALD PLAZA, MIAMI. FLORIDA 33101 • (AREA CODE 305) 350-2111 , Before the undersigned authority personally appeared Bill Jesson who on oath says that he is the Retail Advertising Office Manager of The Miami Herald and The Miami News, daily newspaper (s) published at Miami in Dade County, Florida. He further says that the advertisement for CITY OF MIAMI, FLORIDA (#3902) was published in the issue or issues of THE MIAMI HERALD on APRIL 1st 1986 for the above publication (s) as per the attached invoice Affiant further states that the said THE MIAMI HERALD/NEWS are newspapers published at Miami, in said Dade County, Florida, and that the said newspapers have here -to -fore been continuously published in said Dade County, Florida, each day, and have been entered as second class mail matter at the Post Office in Miami, in said Dade County, Florida, for a period of one year next preceding the first publication of the advertisement. �, j N-21S. - 'MAY 151986 Bill Ofton Sworn to and Subscribed to bef a me this day of A.D;, 19 NotarUPublic (Seal) of r t;pi1:P.YN l;iLIiHGSM'3RiH v Rt NY BCGpFD JHRO CEIAM INS' h }g x•z a4 id ti ' a 4 � i —�< 4 4:�tit -ek• e i �k `� CA d.' Ti .p k fiy •Ji �F or# 6C 76e Miami Herald / Tuesday, April 1,1986 PUBLIC NOTICE CITY OF MIAMI PUBLIC HEARING THURSDAY, JUKE 26j,1106' THE MIAMI CITY COMMISSION WILL CONSIDER AMENDMENTS TO AN EXISTING DEVELOPMENT ORDER FOR THE MIAMI CENTER I PROJECT (RESOLUTION NO. 79-396, MAY 24, 1979), A DEVELOP- MENT OF REGIONAL IMPACT, LOCATED AT 100 CHOPIN PLAZA, IN PUBLIC HEARING, AS REQUIRED BY CHAPTER 380.06 FLORIDA STATUTES AT 3:30 PM, THURSDAY, JUNE 26, 1986, OR AT A RECONVENED MEETING AT MIAMI CITY HALL, 3500 PAN AMER- ICAN DRIVE, DINNER KEY, MIAMI, FLORIDA. THE MIAMI PLAN- NING ADVISORY BOARD WILL CONSIDER THEIR RECOMMENDA- TIONS TO THE CITY COMMISSION ON THIS PROJECT AT 7:00 PM, WEDNESDAY, MAY 21, 1986, OR AT A RECONVENED MEETING, AT THIS SAME LOCATION. THE MIAMI ZONING BOARD WILL CONSIDER THEIR RECOMMENDATIONS TO THE CITY COMMIS- SION ON THIS. PROJECT AT 7:00 PM, MONDAY, MAY 19, 1986, OR AT A RECONVENED MEETING, AT THIS SAME LOCATION. INFOR- MATION AND REPORTS ON THE AMENDED DEVELOPMENT ORDER APPLICATION MAY BE REVIEWED AT THE SOUTH FLOR- IDA REGIONAL PLANNING COUNCIL, 3440 HOLLYWOOD BOULEVARD, SUITE 140, HOLLYWOOD, FLORIDA OR AT THE CITY OF MIAMI PLANNING DEPARTMENT, ADMINISTRATION BUILDING, 275 NW 2 STREET, MIAMI, FLORIDA. MATTY NIRAI �q CITY CLERK ?nn (AD NO.3902) I ;�he Miamier.ala THE MIAMI NEWS A KNIGHT-RIDDER NEWSPAPER t A COX NEWSPAPER Two editorially independent newspapers, printed, sold and distributed by THE MIAMI HERALD PUBLISHING COMPANY 1 HERALD PLAZA, MIAMI, FLORIDA 33101 • (AREA CODE 305) 350-2111 Before the undersigned authority personally appeared Mort Goldstrom who on oath says that he is the Assistant Retail Advertising Manager of The Miami Herald and The Miami News, daily newspaper (s) published at Miami in Dade County, Florida. He further says that the advertisement for CITY OF MIAMI (#3871) was published in the issue or issues of THE MIAMI HERALD on for the above publication (s) as per the attached invoice. Affiant further states that the said THE MIAMI HERALD/NEWS are newspapers published at Miami, in said Dade County, Florida, and that the said newspapers have here -to -fore been continuously published in said Dade County, Florida, each day, and have been entered as second class mail matter at the Post Office in Miami, in said Dade County, Florida, for a period of one year next preceding the first publication of the advertisement. Sworn to and Sub cribed to b o e me this da of 1a&&n A Notary (Seal) ---� ' '[�•G Mort Gol t om OF R! s� Op 0 KATHRYN KILL1tiGSNORTH a OI�RY 1b BY GONN1SS10t1 EAP 0Ec 30,19A6 BONGED IHRU GENERAL INS, UND. 'JUL 1 51986", 5 $K t �wednggm June 4, to" / The Miami Herald 38 NOTICE OF PUBLIC HEARING Ap 1"teroated P take notice that the`Clty Commis- alort ot'the'Gity;ol:W1 , Florida WM hold afWft Nearing on a proposed PA ferendum Ito amend the Miami City Charter to provkle forthe .1) Four yeas* Term for 0111ce.of Mayor rind 2) An kolew! compensation paid to members of the City COmmissi '' hearing wiN take `place on 'June 12, 1986 at 9:30 O'dbdt J ,M. in the City Commission Chambers, City Hal, 3500 Pah Amdrican Drive, Miami, Florida. (P.O. *3871) MATTY MFW cmcl m CRY OF MIAMI, FLORIDA